Oxshott leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Oxshott will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Halifax | Minimum 70 years from the date 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you enhanced control over the value of your Oxshott leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy negotiations with the landlord of her one bedroom apartment in Oxshott, Rhiannon initiated the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction was concluded in October 2005. The freeholder’s fees were kept to an absolute minimum.
Last Autumn we were approach by Mr and Mrs. A Lambert , who completed a purpose-built apartment in Oxshott in September 1997. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Identical homes in Oxshott with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease termination date was in 2089. Considering the 63 years remaining we calculated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 plus legals.
An example of a Lease Extension case for a Oxshott flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.