As the the remaining lease term of a Oadby residential lease diminished so does its value and therefore the value of your property. If the lease has, over 125 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner than later. Many flat owners in Oadby will qualify for this right; however a lawyer should be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB | |
| Virgin |
Lease extensions in Oadby can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Oadby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Mason, started to get near to the 80-year mark with the lease on his one bedroom apartment in Oadby. In buying his flat 19 years ago, the lease term was of no importance. Thankfully, he became aware that he needed to take steps soon on a lease extension. Mason was able to extend his lease just under the wire in May. Mason and the freeholder ultimately agreed on an amount of £5,500 . If the lease had fallen lower than 80 years, the premium would have increased by a minimum £1,025.
Last year we were called by Mr and Mrs. L Petit , who bought a newly refurbished apartment in Oadby in July 1995. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable properties in Oadby with a long lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease expired on 11 November 2098. Considering the 72 years remaining we approximated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of professional charges.
In 2011 we were approached by Mr and Mrs. O Brown who, having took over the lease of a garden flat in Oadby in July 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Oadby with 100 year plus lease were valued around £233,200. The average amount of ground rent was £60 billed monthly. The lease terminated on 17 January 2087. Having 61 years left we approximated the premium to the landlord for the lease extension to be within £22,800 and £26,400 exclusive of fees.