Top reasons for South Oxhey lease extension

Why you should start your South Oxhey lease extension today:

A South Oxhey leasehold property depreciates with the years remaining on the lease.

With a residential leasehold property in South Oxhey, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater especially when there are fewer than eighty years remaining. Residents in South Oxhey with a lease approaching 81 years remaining should seriously think of extending it without delay. When the lease term has under eighty years remaining, under the current Act the landlord is entitled to calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is payable.

South Oxhey property with a lease extension has roughly the same value as a freehold

Leasehold properties in South Oxhey with over one hundred years remaining 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 purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to lend on a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your South Oxhey property being difficult to dispose of or remortgage.

Why use us for your lease extension in South Oxhey?

Irrespective of whether you are a tenant or a landlord in South Oxhey,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with South Oxhey valuers.

South Oxhey Lease Extension Case Studies:

Sebastian, South Oxhey, Hertfordshire,

Sebastian owned a 2 bedroom flat in South Oxhey on the market with a lease of fraction over 61 years unexpired. Sebastian on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert legal guidance and secured an acceptable deal informally and readily saleable.

South Oxhey case:

Last month we were e-mailed by Mr H Davis , who acquired a purpose-built apartment in South Oxhey in August 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Similar residencies in South Oxhey with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 collected yearly. The lease ended on 18 April 2104. Having 79 years unexpired we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.