Top reasons for Oakwood lease extension

Why you should commence your Oakwood lease extension today:

A Oakwood lease 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 cost of a lease extension can escalate substantially once the unexpired lease term is below than eighty years

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

Leasehold residencies in Oakwood with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Oakwood with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the number of prospective purchasers.

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 lawyer 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 in-depth market knowledge procuring 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 Case Studies:

Tia, Oakwood, Leeds,

After protracted correspondence with the freeholder of her garden apartment in Oakwood, Tia started the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension was concluded in October 2009. The landlord’s costs were kept to an absolute minimum.

Oakwood case:

In 2012 we were phoned by Dr W García who, having took over the lease of a studio apartment in Oakwood in February 1997. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar premises in Oakwood with an extended lease were worth £275,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease ended in 2095. Having 69 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.

Oakwood case:

Last year we were e-mailed by Dr M Clark , who moved into a basement flat in Oakwood in March 2007. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Similar flats in Oakwood with 100 year plus lease were valued around £216,000. The mid-range ground rent payable was £60 invoiced per annum. The lease concluded in 2084. Having 58 years left we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus legals.