Why you should commence your Oundle lease extension

Why you should start your Oundle lease extension today:

Increase your lease and increase your Oundle property value

Oundle residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to issue a mortgage with a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As many flats in Oundle were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Oundle lease extensions?

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

Oundle Lease Extension Case Studies:

Logan, Oundle, Northamptonshire

Last October Logan, started to get close to the eighty-year mark with the lease on his basement apartment in Oundle. Having purchased his property two decades ago, the length of the lease was of little interest. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Logan arranged for a lease extension at the eleventh hour last April. Logan and the freeholder eventually agreed on an amount of £5,000 . If the lease had slid below eighty years, the figure would have increased by at least £925.

Oundle case:

Last Winter we were contacted by Mr and Mrs. S Parker , who moved into a one bedroom apartment in Oundle in January 1999. We are asked if we could approximate the price would be to prolong the lease by an additional years. Similar residencies in Oundle with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 collected per annum. The lease lapsed in 2079. Considering the 53 years unexpired we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 not including costs.

Oundle case:

In 2010 we were approached by Ms N Carter who, having was assigned a lease of a one bedroom flat in Oundle in November 2010. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative premises in Oundle with 100 year plus lease were valued about £220,400. The average ground rent payable was £45 collected monthly. The lease ended on 21 February 2090. Taking into account 64 years remaining we approximated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 not including legals.