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Top reasons for Oldham lease extension


Why you should start your Oldham lease extension today:

A Oldham leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Oldham. Inevitably, the term of lease left shortens over time. This is often ignored and only raises itself as an issue when the residence needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Oldham have the right to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before putting off your Oldham lease extension. Putting off that expense now likely increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold residencies in Oldham with over one hundred years outstanding 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 to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not loan monies with a short lease

Banks and Building Societies are less likely to grant a mortgage on a residential flat in Oldham with a short lease. Many lenders simply refuse to lend on leases with less than 75 years remaining.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Oldham lease extensions?

The lawyers that we work with procure 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 lawyer we work with provide it.

Oldham Lease Extension Example Cases:

Ryan, Oldham, Greater Manchester,

Ryan owned a 2 bedroom flat in Oldham on the market with a lease of fraction over sixty years remaining. Ryan informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Ryan to invoke his statutory right. Ryan obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Oldham case:

Last month we were called by Mrs Sian Cooper , who bought a basement flat in Oldham in August 1999. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable homes in Oldham with 100 year plus lease were worth £230,800. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2084. Considering the 60 years unexpired we calculated the premium to the landlord for the lease extension to be within £24,700 and £28,600 not including expenses.

Oldham case:

Mr H Lewis owned a one bedroom apartment in Oldham in August 2000. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparable properties in Oldham with a long lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced per annum. The lease finished on 6 September 2104. Having 80 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus legals.