Top reasons for Onslow Village lease extension

Main reasons to commence your Onslow Village lease extension today:

Increase your lease and increase your Onslow Village property value

Onslow Village leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease drops under eighty years - otherwise a higher premium will be payable. Leasehold owners in Onslow Village will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not qualify. There are prescribed timetables and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.

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

Leasehold properties in Onslow Village with more than 100 years outstanding 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to finance a property on a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As a number of flats in Onslow Village were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Onslow Village?

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

Onslow Village Lease Extension Example Cases:

Daniel, Onslow Village, Surrey

Half a year ago Daniel, started to get near to the eighty-year mark with the lease on his leasehold apartment in Onslow Village. Having purchased his property two decades ago, the unexpired term was of little concern. Thankfully, he realised he would imminently be paying an inflated amount for Extending the lease. Daniel arranged for a lease extension just in the nick of time in August. Daniel and the landlord who owned the flat above subsequently agreed on an amount of £6,000 . If the lease had descended to less than eighty years, the amount would have gone up by a minimum £950.

Onslow Village case:

Last November we were approach by Ms Lydia Clark , who moved into a recently refurbished apartment in Onslow Village in September 1999. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative premises in Onslow Village with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease end date was on 2 January 2102. Having 76 years remaining we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including expenses.

Onslow Village case:

Dr P Morris bought a garden flat in Onslow Village in January 2002. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable homes in Onslow Village with 100 year plus lease were valued around £252,800. The mid-range amount of ground rent was £65 collected yearly. The lease came to a finish in 2091. Having 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of legals.