Top reasons for Oswestry lease extension

Why you should start your Oswestry lease extension today:

A Oswestry leasehold property depreciates with the years remaining on the lease.

The market value of Oswestry leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the remaining term is below than 80 years

Oswestry property with a lease extension is almost the same value as a freehold

Leasehold residencies in Oswestry with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering a number of flats in Oswestry were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Get in touch with one of our Oswestry lease extension solicitors or enfranchisement solicitors

Lease extensions in Oswestry can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 Oswestry lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Oswestry Lease Extension Example Cases:

George, Oswestry, Shropshire

Last October George, started to get near to the eighty-year threshold with the lease on his basement flat in Oswestry. Having bought his home 19 years previously, the unexpired term was of minimal concern. by good luck, he recognised he needed to take action soon on a lease extension. George was able to extend his lease just under the wire in September. George and the landlord who owned the flat above subsequently agreed on the final figure of £5,500 . If he had missed the deadline, the amount would have escalated by at least £900.

Oswestry case:

Last Spring we were called by Mr E Peterson , who bought a studio apartment in Oswestry in February 1999. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical flats in Oswestry with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated on 3 October 2098. Given that there were 72 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Oswestry case:

Dr Emma Baker owned a basement flat in Oswestry in November 2012. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Oswestry with 100 year plus lease were valued about £256,600. The average amount of ground rent was £60 invoiced every twelve months. The lease concluded in 2078. Considering the 52 years remaining we estimated the premium to the landlord to extend the lease to be between £41,800 and £48,400 exclusive of costs.