Top reasons for Ossett lease extension

Main reasons to commence your Ossett lease extension today:

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

With a domestic leasehold property in Ossett, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than 80 years remaining. Anyone in Ossett with a lease approaching 81 years unexpired should seriously consider extending it without delay. When the lease term has fewer than 80 years outstanding, under the current Act the freeholder can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Mortgage companies are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Ossett were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Ossett lease extensions?

The lawyers that we work with handle Ossett 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 conveyancing solicitor we work with provide it.

Ossett Lease Extension Example Cases:

Arthur, Ossett, West Yorkshire,

Arthur owned a studio apartment in Ossett being sold with a lease of just over 59 years unexpired. Arthur on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Arthur to exercise his statutory right. Arthur procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Ossett case:

Last Winter we were contacted by Ms Aimee Garcia , who purchased a basement apartment in Ossett in January 2006. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Ossett with an extended lease were in the region of £210,600. The mid-range amount of ground rent was £45 collected per annum. The lease elapsed in 2088. Considering the 62 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 plus legals.

Ossett case:

Last Spring we were contacted by Mrs Mollie Davies , who bought a one bedroom flat in Ossett in April 2002. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Identical homes in Ossett with an extended lease were in the region of £260,000. The average ground rent payable was £50 billed every twelve months. The lease ran out on 3 September 2099. Taking into account 73 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.