There is no doubt about it a leasehold property in Oxton is a wasting asset as a result of the diminishing lease term. If the lease has, more than 100 years remaining then this decrease may be of little impact however there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Oxton will meet the qualifying criteria; however a lawyer will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Oxton with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Santander | |
| TSB |
The conveyancing solicitors that we work with undertake Oxton 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.
Twenty four months ago Tyler, started to get near to the 80-year mark with the lease on his garden apartment in Oxton. Having purchased his home two decades ago, the unexpired term was of minimal interest. Fortunately, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Tyler extended the lease just under the wire in March. Tyler and the freeholder ultimately settled on sum of £5,000 . If he had missed the deadline, the amount would have increased by at least £925.
Last year we were called by Dr Dexter Gray , who owned a recently refurbished apartment in Oxton in August 2004. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative premises in Oxton with an extended lease were worth £210,600. The mid-range amount of ground rent was £45 billed yearly. The lease ended in 2088. Considering the 62 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus legals.
In 2011 we were contacted by Dr H Pérez who, having was assigned a lease of a ground floor apartment in Oxton in September 2010. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Similar flats in Oxton with a long lease were worth £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease ran out on 21 January 2099. Considering the 73 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.