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Main reasons to commence your Ottershaw lease extension

Why you should commence your Ottershaw lease extension today:

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

Ottershaw residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not lend on a short lease

Almost all mortgage lenders require a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to buy your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the market price of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Ottershaw lease extensions?

Regardless of whether you are a tenant or a landlord in Ottershaw,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ottershaw valuers.

Ottershaw Lease Extension Case Summaries:

Chloe, Ottershaw, Surrey,

Off the back of lengthy negotiations with the freeholder of her garden apartment in Ottershaw, Chloe initiated the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work was concluded in September 2009. The landlord’s charges were kept to an absolute minimum.

Ottershaw case:

In 2013 we were contacted by Dr M Nguyen who, having bought a recently refurbished flat in Ottershaw in August 2010. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Similar homes in Ottershaw with a long lease were valued about £295,000. The average ground rent payable was £45 billed every twelve months. The lease elapsed on 16 April 2100. Given that there were 74 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.

Ottershaw case:

Ms B López acquired a one bedroom apartment in Ottershaw in June 2011. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Ottershaw with an extended lease were valued about £243,000. The average amount of ground rent was £65 invoiced every twelve months. The lease terminated on 27 April 2089. Given that there were 63 years left we calculated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 exclusive of costs.