Top reasons for Oundle lease extension

Main reasons to start your Oundle lease extension today:

A Oundle leasehold property depreciates with the years remaining on the lease.

Oundle residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Oundle with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not loan monies with a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Regardless of whether you need a mortgage, you should be conscious that it is likely that someone intending to acquire your property in the future might well do, so where they can't obtain a mortgage, then the value of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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

Regardless of whether you are a tenant or a landlord 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 Example Cases:

Jacob, Oundle, Northamptonshire

16 months ago Jacob, started to get close to the eighty-year threshold with the lease on his first floor apartment in Oundle. In buying his flat 19 years ago, the lease term was of little bearing. by good luck, he noticed he would soon be paying way over the odds for a lease extension. Jacob was able to extend his lease just under the wire in January. Jacob and the freeholder via the management company in the end agreed on the final figure of £5,000 . If he had missed the deadline, the price would have increased by at least £975.

Oundle case:

Last Autumn we were e-mailed by Mr W Bailey , who moved into a one bedroom flat in Oundle in February 2005. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical homes in Oundle with an extended lease were in the region of £285,000. The average ground rent payable was £55 invoiced yearly. The lease came to a finish in 2104. Having 79 years left we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.

Oundle case:

In 2011 we were contacted by Dr John Gray who, having bought a first floor flat in Oundle in April 2001. The question was if we could estimate the premium would be for a 90 year extension to my lease. Identical premises in Oundle with a long lease were worth £193,400. The average amount of ground rent was £65 invoiced monthly. The lease termination date was in 2084. Taking into account 59 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including fees.