Stop! Your Lease Extension in Oakwood Could Be FREE

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Many leaseholders in Oakwood are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Oakwood has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Oakwood lease extension

Top reasons for lease extension now:

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

The value of Oakwood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than eighty years

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

Leasehold premises in Oakwood with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not loan monies with a short lease

Almost all mortgage companies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are not able to secure a mortgage, then the market price of the property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Oakwood lease extensions?

Using our service will provide you better control over the value of your Oakwood leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Oakwood Lease Extension Case Summaries:

Callum, Oakwood, Leeds

Last Winter Callum, started to get near to the eighty-year mark with the lease on his basement flat in Oakwood. Having bought his flat twenty years previously, the unexpired term was of minimal bearing. Thankfully, he realised he needed to take action soon on Extending the lease. Callum was able to extend his lease just ahead of time in March. Callum and the landlord subsequently agreed on the final figure of £5,000 . If he not met the deadline, the price would have gone up by at least £1,050.

Oakwood case:

Mr and Mrs. I Michel bought a first floor apartment in Oakwood in March 2011. The dilemma was if we could estimate the premium would be to extend the lease by ninety years. Similar homes in Oakwood with 100 year plus lease were valued around £216,000. The average ground rent payable was £60 billed annually. The lease ended on 9 March 2084. Having 58 years as a residual term we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.

Oakwood case:

Dr T Morel bought a one bedroom apartment in Oakwood in May 1997. The question was if we could approximate the price could be to prolong the lease by ninety years. Comparable premises in Oakwood with an extended lease were worth £200,000. The average ground rent payable was £50 billed annually. The lease lapsed on 27 May 2104. Taking into account 78 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.