When it comes to long leasehold premises in Oakdale, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are fewer than 80 years remaining. Residents in Oakdale with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. Once a lease has less than eighty years outstanding, under the relevant Act the landlord is entitled to calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is due.
Leasehold properties in Oakdale with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| Virgin |
Lease extensions in Oakdale can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 a wealth of experience procuring Oakdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her basement flat in Oakdale, Anna commenced the lease extension process as the eighty year threshold was fast coming. The lease extension was concluded in April 2010. The freeholder’s charges were negotiated to about 700 GBP.
In 2011 we were contacted by Mrs C Allen who, having completed a first floor apartment in Oakdale in September 2012. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Identical flats in Oakdale with a long lease were in the region of £208,600. The average ground rent payable was £60 invoiced every twelve months. The lease came to a finish in 2083. Having 57 years remaining we calculated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of professional charges.
Dr K Mitchell acquired a first floor apartment in Oakdale in August 2010. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar properties in Oakdale with a long lease were valued around £200,000. The mid-range amount of ground rent was £50 invoiced annually. The lease lapsed on 16 May 2103. Taking into account 77 years outstanding we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.