Top reasons for Olney lease extension

Top reasons for lease extension now:

Increase your lease and increase your Olney property value

Unfortunately that a Olney residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Olney property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher premium will be due. The majority of flat owners in Olney will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Olney with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not lend with a short lease

Many banks and building societies will be unwilling to lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Olney property becoming difficult to dispose of or refinance.

What makes us experts in Olney lease extensions?

Lease extensions in Olney can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.

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 Olney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Olney Lease Extension Example Cases:

Morgan, Olney, Buckinghamshire,

Off the back of protracted correspondence with the freeholder of her basement flat in Olney, Morgan started the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension completed in October 2015. The landlord’s fees were kept to an absolute minimum.

Olney case:

In 2010 we were called by Mr and Mrs. I Carter who, having moved into a garden flat in Olney in September 2012. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Similar homes in Olney with a long lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease concluded in 2102. Considering the 76 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Olney case:

In 2009 we were contacted by Mr and Mrs. J Rivera who, having was assigned a lease of a ground floor apartment in Olney in August 2006. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Identical flats in Olney with a long lease were valued about £176,200. The mid-range ground rent payable was £65 collected monthly. The lease ran out in 2082. Taking into account 56 years outstanding we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 plus expenses.