Top reasons for Oakham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oakham property value

The closer a domestic lease in Oakham nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Oakham will meet the qualifying criteria; however a conveyancing solicitor can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

Oakham property with a lease extension has roughly the same value as a freehold

Leasehold properties in Oakham with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not lend on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Oakham lease extensions?

Lease extensions in Oakham can be a difficult process. We recommend you obtain guidance from a conveyancer 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 procuring Oakham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Oakham Lease Extension Case Summaries:

Courtney, Oakham, Rutland,

Off the back of protracted correspondence with the landlord of her ground floor apartment in Oakham, Courtney commenced the lease extension process just as the lease was approaching the critical eighty-year threshold. The legal work was finalised in February 2014. The freeholder’s costs were restricted to below 700 pounds.

Oakham case:

In 2009 we were phoned by Mr Harrison Nguyen who, having moved into a basement apartment in Oakham in June 2009. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Oakham with a long lease were in the region of £280,000. The average amount of ground rent was £45 invoiced monthly. The lease finished in 2096. Having 70 years as a residual term we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.

Oakham case:

Dr Riley Davis purchased a newly refurbished flat in Oakham in May 2008. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparable homes in Oakham with 100 year plus lease were in the region of £223,400. The mid-range amount of ground rent was £60 collected every twelve months. The lease finished in 2085. Taking into account 59 years remaining we estimated the premium to the landlord to extend the lease to be between £27,600 and £31,800 not including professional charges.