Stop! Your Lease Extension in Oadby Could Be FREE

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Many leaseholders in Oadby are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Oadby has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Oadby lease extension

Why you should commence your Oadby lease extension today:

A Oadby leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Oadby you actually own a long leasehold interest over your property

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

Leasehold premises in Oadby with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not loan monies on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wanting to buy your property in the future might well do, so if they are not able to get a mortgage, then the market price of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Oadby lease extensions?

Retaining our service will provide you better control over the value of your Oadby leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Oadby Lease Extension Example Cases:

Jennifer, Oadby, Leicestershire,

Off the back of unsuccessful negotiations with the freeholder of her first floor apartment in Oadby, Jennifer commenced the lease extension process as the 80 year mark was fast advancing. The lease extension completed in March 2006. The freeholder’s charges were kept to an absolute minimum.

Oadby case:

In 2014 we were contacted by Mr and Mrs. O Rodríguez who, having completed a basement flat in Oadby in April 2007. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparable properties in Oadby with 100 year plus lease were worth £243,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease elapsed in 2089. Considering the 63 years remaining we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus professional charges.

Oadby case:

Last month we were e-mailed by Dr W Baker , who bought a ground floor apartment in Oadby in May 1997. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Identical flats in Oadby with an extended lease were worth £181,600. The average amount of ground rent was £55 billed quarterly. The lease ended in 2078. Taking into account 52 years unexpired we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 not including fees.