Oakwood leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Oakwood residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Oakwood you should see if your lease has between 70 and ninety years left. There are compelling reasons why a Oakwood flat owner with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay
Leasehold premises in Oakwood with in excess of one hundred years remaining on the lease are sometimes referred to as ‘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 freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Oakwood can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 dealing with Oakwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca owned a studio flat in Oakwood on the market with a lease of a few days over 61 years unexpired. Luca on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Luca to exercise his statutory right. Luca obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Dr J Harris purchased a purpose-built apartment in Oakwood in September 1999. The dilemma was if we could estimate the premium could be to extend the lease by an additional years. Identical homes in Oakwood with a long lease were worth £200,000. The average amount of ground rent was £50 billed every twelve months. The lease concluded in 2103. Given that there were 77 years unexpired we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.
Mr and Mrs. Y James was assigned a lease of a one bedroom apartment in Oakwood in September 2000. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical properties in Oakwood with 100 year plus lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease came to a finish in 2092. Taking into account 66 years outstanding we approximated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of costs.