Ouston leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Ouston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ouston you must check if your lease has between 70 and ninety years left. There are compelling reasons why a Ouston flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay
It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Ouston can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in lease extensions.
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 a wealth of experience dealing with Ouston 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 correspondence with the landlord of her studio flat in Ouston, Erin initiated the lease extension process as the 80 year deadline was swiftly nearing. The transaction was finalised in November 2008. The freeholder’s charges were kept to an absolute minimum.
In 2009 we were approached by Mr Felix Morgan who, having purchased a one bedroom apartment in Ouston in May 2011. The dilemma was if we could approximate the premium would likely be to prolong the lease by 90 years. Identical flats in Ouston with an extended lease were valued around £225,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease lapsed on 16 May 2086. Considering the 60 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 plus fees.
Mr and Mrs. W Moore moved into a first floor apartment in Ouston in August 2001. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative residencies in Ouston with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed monthly. The lease expired in 2106. Given that there were 80 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.