Main reasons to commence your Oakhill lease extension

Top reasons for lease extension now:

A Oakhill lease depreciates with the years remaining on the lease.

The closer a domestic lease in Oakhill gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, in excess of 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 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 main rational as to why you should consider extending without delay. Most flat owners in Oakhill will qualify for this right; nevertheless a conveyancer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may not issue a mortgage on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be insufficient for lending purposes.

What makes us experts in Oakhill lease extensions?

The lawyers that we work with procure Oakhill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Oakhill Lease Extension Case Studies:

Sophia, Oakhill, North East London,

In the wake of 9 months of lengthy negotiations with the landlord of her basement flat in Oakhill, Sophia started the lease extension process just as her lease was approaching the crucial 80-year deadline. The transaction was finalised in January 2007. The landlord’s charges were kept to an absolute minimum.

Oakhill case:

In 2014 we were e-mailed by Dr T Scott who, having was assigned a lease of a recently refurbished flat in Oakhill in October 2004. We are asked if we could estimate the price would be for a 90 year extension to my lease. Identical premises in Oakhill with an extended lease were valued around £265,200. The mid-range amount of ground rent was £65 collected monthly. The lease expiry date was in 2092. Having 66 years left we approximated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 not including expenses.