Oakdale leases on residential properties are gradually losing value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Flat owners in Oakdale will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain circumstances you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Oakdale can be a difficult process. We recommend you get professional help 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 Oakdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
William owned a studio apartment in Oakdale being marketed with a lease of a little over 72 years remaining. William on an informal basis contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were William to exercise his statutory right. William obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.
Last Winter we were contacted by Mr E Harris , who completed a studio flat in Oakdale in September 2009. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Similar residencies in Oakdale with a long lease were valued about £250,400. The average ground rent payable was £65 billed every twelve months. The lease finished on 10 August 2090. Having 64 years unexpired we estimated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 not including legals.
Dr Zoe Murphy moved into a one bedroom flat in Oakdale in June 1996. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Identical premises in Oakdale with a long lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ended in 2079. Considering the 53 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus professional charges.