Why you should commence your Ouston lease extension

Why you should start your Ouston lease extension today:

A Ouston lease depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Ouston depends on how many years the lease has remaining. If it is near to or less than 80 years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is preferable to start the process of extending the lease is when a lease still has 82 years to run so that formalities can be addressed well before the eighty year mark. Leasehold Reform legislation entitles Ouston qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus an additional term of 90 years. The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold properties in Ouston with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not loan monies on a short lease

Banks and building societies do not lend on short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Ouston if the remaining term of your lease is under the criteria set by most lenders. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Ouston lease extensions?

The lawyers that we work with procure Ouston 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 lawyer we work with provide it.

Ouston Lease Extension Example Cases:

Jessica, Ouston, County Durham,

Following unsuccessful negotiations with the freeholder of her one bedroom apartment in Ouston, Jessica initiated the lease extension process just as the lease was coming close to the critical eighty-year deadline. The legal work was concluded in November 2013. The landlord’s fees were restricted to about 550 GBP.

Ouston case:

In 2009 we were contacted by Dr Y Young who, having owned a one bedroom flat in Ouston in September 1996. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Similar residencies in Ouston with 100 year plus lease were in the region of £184,000. The mid-range amount of ground rent was £55 collected annually. The lease finished in 2079. Given that there were 53 years left we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus legals.

Ouston case:

Last year we were contacted by Mr and Mrs. R Thompson , who moved into a garden apartment in Ouston in April 1997. We are asked if we could estimate the price would be to prolong the lease by an additional years. Identical premises in Ouston with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 collected per annum. The lease lapsed in 2099. Having 73 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.