Top reasons for Oakwood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oakwood property value

On the balance of probabilities if you own a flat in Oakwood you actually own a long leasehold interest over your property

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

Leasehold residencies in Oakwood with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not lend with a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Oakwood?

Lease extensions in Oakwood can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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.

Oakwood Lease Extension Example Cases:

Benjamin, Oakwood, Leeds,

Benjamin was the the leasehold owner of a high value apartment in Oakwood on the market with a lease of a few days over sixty years remaining. Benjamin on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Benjamin to exercise his statutory right. Benjamin procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Oakwood case:

Mrs K Bernard acquired a basement apartment in Oakwood in April 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Oakwood with 100 year plus lease were valued about £257,800. The average ground rent payable was £65 billed yearly. The lease finished on 22 July 2091. Having 65 years unexpired we calculated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 plus costs.

Oakwood case:

Last month we were phoned by Ms Samantha Wood , who moved into a one bedroom flat in Oakwood in January 2002. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Similar properties in Oakwood with an extended lease were worth £191,400. The average amount of ground rent was £55 collected quarterly. The lease concluded on 23 November 2080. Given that there were 54 years unexpired we approximated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 not including legals.