Oldbury leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Oldbury will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Oldbury can be a difficult process. We recommend you obtain 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 in-depth market knowledge dealing with Oldbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper owned a high value apartment in Oldbury being marketed with a lease of a little over 72 years left. Jasper on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jasper to exercise his statutory right. Jasper obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Ms S Smith purchased a ground floor apartment in Oldbury in July 1997. We are asked if we could approximate the price would be for a ninety year lease extension. Similar residencies in Oldbury with 100 year plus lease were valued around £200,000. The mid-range ground rent payable was £50 collected annually. The lease concluded in 2104. Having 78 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.
Last Winter we were e-mailed by Mr and Mrs. F Bernard , who completed a garden flat in Oldbury in June 1996. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparative properties in Oldbury with an extended lease were valued around £267,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease concluded on 3 February 2093. Given that there were 67 years outstanding we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 not including expenses.