Top reasons for Oadby lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oadby property value

The value of Oadby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than eighty years

Oadby property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not loan monies with a short lease

Lending institutions have specific criteria when lending monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Oadby home.

What makes us experts in Oadby lease extensions?

Lease extensions in Oadby can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience 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.

Oadby Lease Extension Case Summaries:

Seth, Oadby, Leicestershire,

Seth was the the leasehold owner of a studio flat in Oadby being sold with a lease of a little over fifty eight years left. Seth on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be due on a lease extension were Seth to exercise his statutory right. Seth procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Oadby case:

In 2012 we were e-mailed by Mr V Scott who, having was assigned a lease of a garden apartment in Oadby in November 2009. The question was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical homes in Oadby with a long lease were worth £275,000. The average ground rent payable was £65 collected yearly. The lease finished in 2094. Having 68 years left we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.

Oadby case:

Mr and Mrs. E Simon completed a one bedroom apartment in Oadby in July 2009. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Comparable flats in Oadby with 100 year plus lease were in the region of £208,600. The average ground rent payable was £60 invoiced quarterly. The lease expired on 20 September 2083. Given that there were 57 years remaining we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.