Top reasons for Oakley lease extension

Main reasons to start your Oakley lease extension today:

Increase your lease and increase your Oakley property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Oakley may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Oakley lease extension. Shelving that expense today simply escalates the price you will eventually be required to pay to extend the lease.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not lend with a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you need to sell your flat in Oakley if the remaining lease term is below the criteria set by most mortgage companies. Different lenders have varying requirements but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Oakley?

Irrespective of whether you are a tenant or a landlord in Oakley,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Oakley valuers.

Oakley Lease Extension Example Cases:

Laura, Oakley, Hampshire,

Following unsuccessful discussions with the freeholder of her purpose-built flat in Oakley, Laura commenced the lease extension process just as her lease was nearing the crucial eighty-year deadline. The legal work completed in October 2015. The landlord’s costs were negotiated to under 550 pounds.

Oakley case:

Last Summer we were e-mailed by Mrs Ashleigh Bailey , who completed a one bedroom apartment in Oakley in October 2008. The question was if we could estimate the premium would be for a 90 year extension to my lease. Similar properties in Oakley with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease ran out on 27 February 2098. Considering the 72 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.

Oakley case:

Mr and Mrs. K Morris bought a one bedroom flat in Oakley in April 1999. We are asked if we could estimate the price could be to prolong the lease by ninety years. Similar flats in Oakley with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced monthly. The lease concluded in 2087. Given that there were 61 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 not including legals.