Top reasons for Onslow Village lease extension

Top reasons for lease extension now:

A Onslow Village leasehold property depreciates with the years remaining on the lease.

Onslow Village leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Onslow Village tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Onslow Village you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Onslow Village with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions will not finance a property with a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Onslow Village if the unexpired term of your lease is below the criteria set by the majority of lenders. Different lenders have varying criteria but on the whole they are looking for an unexpired term of at least seventy years.

What makes us experts in Onslow Village lease extensions?

Lease extensions in Onslow Village can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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

Onslow Village Lease Extension Example Cases:

Francesca, Onslow Village, Surrey,

After unsuccessful discussions with the freeholder of her leasehold apartment in Onslow Village, Francesca initiated the lease extension process as the 80 year mark was swiftly nearing. The legal work was finalised in August 2010. The freeholder’s costs were kept to an absolute minimum.

Onslow Village case:

In 2010 we were e-mailed by Mr and Mrs. A Turner who, having bought a ground floor flat in Onslow Village in August 2012. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Similar properties in Onslow Village with an extended lease were in the region of £208,600. The mid-range ground rent payable was £60 billed per annum. The lease finished on 2 July 2083. Considering the 57 years remaining we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including fees.

Onslow Village case:

Last Winter we were approach by Mr K Rodríguez , who owned a newly refurbished apartment in Onslow Village in May 2000. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparable properties in Onslow Village with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 collected annually. The lease lapsed in 2103. Taking into account 77 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.