Main reasons to start your Ottershaw lease extension

Why you should start your Ottershaw lease extension today:

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

Ottershaw leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Ottershaw residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Ottershaw you would be well advised to see if your lease has between 70 and ninety years left. There are good reasons why a Ottershaw leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Ottershaw property being difficult to sell or to obtain finance on.

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

Using our service gives you enhanced control over the value of your Ottershaw leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ottershaw Lease Extension Case Studies:

Eliot, Ottershaw, Surrey

Last Summer Eliot, started to get close to the eighty-year mark with the lease on his ground floor flat in Ottershaw. Having purchased his flat two decades ago, the unexpired term was of no importance. Thankfully, he became aware that he would soon be paying an inflated amount for a lease extension. Eliot arranged for a lease extension just under the wire last August. Eliot and the freeholder via the managing agents subsequently settled on a premium of £5,500 . If the lease had fallen lower than eighty years, the amount would have increased by a minimum £1,050.

Ottershaw case:

In 2011 we were contacted by Ms H Smith who, having bought a ground floor flat in Ottershaw in November 2009. The dilemma was if we could estimate the premium would be to prolong the lease by 90 years. Similar residencies in Ottershaw with an extended lease were worth £285,000. The average ground rent payable was £45 collected annually. The lease expired in 2098. Considering the 72 years unexpired we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.

Ottershaw case:

In 2011 we were contacted by Mr and Mrs. P Ricardo who, having moved into a ground floor apartment in Ottershaw in November 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Ottershaw with 100 year plus lease were valued about £233,200. The average amount of ground rent was £60 collected quarterly. The lease elapsed on 5 March 2087. Considering the 61 years remaining we approximated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including expenses.