Top reasons for Oldham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oldham property value

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

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This may be problematic as and when you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must wait two years before being able to initiate the legal procedures for an extension to the lease.

What makes us experts in Oldham lease extensions?

The conveyancers that we work with handle Oldham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Oldham Lease Extension Case Studies:

Connor, Oldham, Greater Manchester,

Connor owned a 2 bedroom flat in Oldham on the market with a lease of just over 72 years left. Connor informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Connor to exercise his statutory right. Connor procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.

Oldham case:

Ms A Simon acquired a studio flat in Oldham in July 2006. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative properties in Oldham with an extended lease were valued about £250,400. The mid-range ground rent payable was £65 collected yearly. The lease termination date was on 19 February 2090. Given that there were 64 years left we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 not including expenses.

Oldham case:

Mr and Mrs. L Scott moved into a first floor apartment in Oldham in November 2005. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparable homes in Oldham with 100 year plus lease were worth £184,000. The average ground rent payable was £55 billed monthly. The lease expired in 2079. Taking into account 53 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including legals.