Why you should commence your Ouston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ouston property value

Ouston leases on residential properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Ouston will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some cases you may not qualify. There are also strict deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a lawyer during the process.

Ouston property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage with a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is likely that someone wanting to buy your property in the future might well do, so if they can't obtain a mortgage, then the market price of your property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Ouston?

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:

Adam, Ouston, County Durham

14 months ago Adam, started to get close to the eighty-year mark with the lease on his leasehold flat in Ouston. In buying his property two decades ago, the length of the lease was of minimal importance. by good luck, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Adam extended the lease just ahead of time last March. Adam and the freeholder eventually agreed on sum of £5,000 . If the lease had slipped below eighty years, the amount would have increased by a minimum £1,125.

Ouston case:

In 2011 we were phoned by Mr S Richardson who, having acquired a purpose-built flat in Ouston in June 2010. We are asked if we could approximate the price could be for a ninety year extension to my lease. Similar flats in Ouston with 100 year plus lease were valued around £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease termination date was in 2091. Having 65 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including professional charges.

Ouston case:

Last month we were contacted by Dr J Pérez , who took over the lease of a first floor flat in Ouston in June 1995. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative premises in Ouston with a long lease were in the region of £191,400. The mid-range ground rent payable was £55 collected quarterly. The lease came to a finish on 16 August 2080. Given that there were 54 years outstanding we estimated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 plus costs.