Oxted leases on domestic deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Oxted will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some cases you may not be entitled. There are prescribed deadlines and formalities to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Oxted can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 procuring Oxted lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her leasehold flat in Oxted, Rebecca initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The lease extension was finalised in August 2010. The freeholder’s fees were restricted to under 650 pounds.
Last year we were called by Ms Ella Petit , who bought a ground floor apartment in Oxted in April 1999. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Similar homes in Oxted with a long lease were in the region of £223,400. The average ground rent payable was £60 invoiced per annum. The lease ended on 24 May 2085. Considering the 59 years remaining we estimated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 not including fees.
Last January we were phoned by Mrs Ashleigh González , who was assigned a lease of a recently refurbished apartment in Oxted in June 1995. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Comparable homes in Oxted with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 billed quarterly. The lease lapsed in 2105. Taking into account 79 years left we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.