Why you should commence your Oakhill lease extension

Top reasons for lease extension now:

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

Oakhill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Oakhill residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Oakhill you should investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

It is generally considered that a property with more than 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 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

The propensity since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by lenders has increased. In the past banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Oakhill?

Using our service will provide you enhanced control over the value of your Oakhill leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Oakhill Lease Extension Case Summaries:

Joseph, Oakhill, North East London,

Joseph was the the leasehold owner of a 2 bedroom flat in Oakhill being sold with a lease of a little over fifty eight years remaining. Joseph on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joseph to invoke his statutory right. Joseph obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Oakhill case:

In 2011 we were approached by Dr G Smith who, having took over the lease of a garden apartment in Oakhill in September 2000. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar residencies in Oakhill with 100 year plus lease were valued about £196,400. The mid-range ground rent payable was £55 collected every twelve months. The lease ran out in 2080. Given that there were 54 years remaining we estimated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 plus legals.