Top reasons for Oughtibridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oughtibridge property value

With a long leasehold premises in Oughtibridge, you are actually purchasing a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than 80 years left. Anyone in Oughtibridge with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. When a lease has under eighty years outstanding, under the current Act the freeholder can calculate and charge a greater premium, assessed on a technical calculation, known as “marriage value” which is due.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties as and when you come to sell or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser must hold off for two years before being able to initiate the legal procedures for a lease extension.

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

The conveyancing solicitors that we work with procure Oughtibridge 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.

Oughtibridge Lease Extension Example Cases:

Ellen, Oughtibridge, South Yorkshire,

Subsequent to lengthy correspondence with the freeholder of her garden apartment in Oughtibridge, Ellen commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work completed in November 2006. The freeholder’s charges were restricted to below 450 GBP.

Oughtibridge case:

Last month we were called by Dr U Hall , who acquired a one bedroom flat in Oughtibridge in June 1999. The question was if we could approximate the premium could be to extend the lease by ninety years. Comparative flats in Oughtibridge with 100 year plus lease were valued about £275,000. The average amount of ground rent was £55 invoiced yearly. The lease concluded in 2102. Taking into account 76 years left we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Oughtibridge case:

Last November we were contacted by Mr Noah Williams , who bought a ground floor flat in Oughtibridge in February 2009. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable flats in Oughtibridge with a long lease were in the region of £176,200. The average amount of ground rent was £65 invoiced yearly. The lease lapsed in 2082. Having 56 years as a residual term we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including professional charges.