Main reasons to commence your South Oxhey lease extension

Why you should start your South Oxhey lease extension today:

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

South Oxhey leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most South Oxhey tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in South Oxhey you really ought to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a South Oxhey leaseholder with a lease having around eighty years remaining should take action to ensure that a lease extension is effected without delay

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term slips beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your South Oxhey home.

Why use us for your lease extension in South Oxhey?

Retaining our service will provide you enhanced control over the value of your South Oxhey leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South Oxhey Lease Extension Example Cases:

Freddie, South Oxhey, Hertfordshire,

Freddie owned a conversion apartment in South Oxhey on the market with a lease of a few days over sixty years remaining. Freddie informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert advice and secured an acceptable deal informally and readily saleable.

South Oxhey case:

Mrs Katie Nelson took over the lease of a recently refurbished apartment in South Oxhey in March 2007. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in South Oxhey with an extended lease were valued around £250,000. The mid-range amount of ground rent was £50 billed per annum. The lease end date was in 2095. Given that there were 69 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.