Why you should start your Olney lease extension

Why you should start your Olney lease extension today:

A Olney lease 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. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Olney. Clearly, the length of lease remaining reduces as time goes by. This is often ignored and only raises itself as an issue when the property needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Olney have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. You should give careful deliberation before delaying your Olney lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension

Olney property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Olney with short leases. For instance you may find that their lending requirements 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 if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing your market.

Why use us for your lease extension in Olney?

Retaining our service gives you increased control over the value of your Olney leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Olney Lease Extension Example Cases:

Henry, Olney, Buckinghamshire,

Henry was the the leasehold proprietor of a conversion flat in Olney being sold with a lease of a little over fifty eight years unexpired. Henry on an informal basis contacted his freeholder a well known London-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 £125 per annum. No ground rent would be payable on a lease extension were Henry to invoke his statutory right. Henry obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Olney case:

Last Autumn we were contacted by Mr and Mrs. S López , who took over the lease of a purpose-built apartment in Olney in April 2004. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Identical residencies in Olney with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £60 collected monthly. The lease concluded in 2106. Considering the 80 years unexpired we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.

Olney case:

Last Winter we were phoned by Dr V Harris , who completed a newly refurbished flat in Olney in October 2012. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Olney with an extended lease were in the region of £200,800. The average amount of ground rent was £65 invoiced quarterly. The lease elapsed on 1 January 2086. Having 60 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 exclusive of expenses.