Main reasons to start your Oundle lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oundle property value

Chances are that if you own a flat in Oundle you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties as and when you come to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you may have no immediate desire to sell but when you do your buyer will have to hold off for a couple of years before being able to start the legal procedures for a lease extension.

What makes us experts in Oundle lease extensions?

The conveyancers that we work with undertake Oundle 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.

Oundle Lease Extension Case Summaries:

Jude, Oundle, Northamptonshire,

Jude was the the leasehold owner of a 2 bedroom flat in Oundle on the market with a lease of a little over 61 years remaining. Jude on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jude to exercise his statutory right. Jude procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Oundle case:

Last Summer we were e-mailed by Mr and Mrs. B Cook , who was assigned a lease of a one bedroom flat in Oundle in February 2005. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Similar residencies in Oundle with an extended lease were valued around £260,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ended in 2098. Having 72 years remaining we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.

Oundle case:

In 2010 we were approached by Mr and Mrs. O Clark who, having purchased a first floor flat in Oundle in November 2012. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical premises in Oundle with 100 year plus lease were in the region of £256,600. The mid-range ground rent payable was £60 collected every twelve months. The lease expiry date was on 17 October 2078. Having 52 years remaining we calculated the premium to the landlord to extend the lease to be between £41,800 and £48,400 exclusive of fees.