Why you should commence your Ombersley lease extension

Main reasons to commence your Ombersley lease extension today:

A Ombersley lease depreciates with the years remaining on the lease.

Ombersley leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in Ombersley will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are also strict deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.

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

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will be problematic once you come to sell or refinance your property as it will be effectively unmortgageable. Even though you may have no imminent plan to sell but when you do your purchaser must hold off for 2 years before being able to commence the legal procedures for a lease extension.

What makes us experts in Ombersley lease extensions?

The conveyancing solicitors that we work with handle Ombersley 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.

Ombersley Lease Extension Example Cases:

Mollie, Ombersley, Worcestershire,

Off the back of protracted negotiations with the landlord of her first floor apartment in Ombersley, Mollie started the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work was concluded in November 2007. The freeholder’s charges were kept to an absolute minimum.

Ombersley case:

Mr B Rose completed a garden flat in Ombersley in September 2006. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Ombersley with a long lease were valued around £233,200. The mid-range ground rent payable was £60 billed every twelve months. The lease expired on 3 January 2087. Considering the 61 years as a residual term we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus expenses.

Ombersley case:

In 2014 we were contacted by Mr and Mrs. C Hall who, having owned a newly refurbished apartment in Ombersley in February 1996. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative residencies in Ombersley with 100 year plus lease were valued around £166,800. The mid-range ground rent payable was £50 billed annually. The lease elapsed on 7 February 2076. Considering the 50 years outstanding we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including legals.