Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Oundle. Inevitably, the period of lease left shortens over time. This may pass by relatively unnoticed when the residence has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Oundle have the right to extend the lease for an additional ninety years in accordance with statute. Do give careful deliberation before delaying your Oundle lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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. |
Lease extensions in Oundle can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Oundle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted negotiations with the freeholder of her first floor flat in Oundle, Courtney started the lease extension process as the 80 year mark was quickly nearing. The lease extension was concluded in April 2011. The freeholder’s charges were kept to an absolute minimum.
Mrs U Bonnet owned a purpose-built flat in Oundle in June 2009. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative flats in Oundle with 100 year plus lease were worth £254,200. The average amount of ground rent was £60 collected yearly. The lease came to a finish on 14 August 2076. Having 51 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of legals.
In 2012 we were e-mailed by Mr and Mrs. T Bonnet who, having owned a first floor flat in Oundle in October 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Oundle with a long lease were valued about £210,600. The mid-range ground rent payable was £45 billed yearly. The lease ended on 28 February 2087. Considering the 62 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including professional charges.