Main reasons to commence your South Oxhey lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Oxhey property value

South Oxhey leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in South Oxhey enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in South Oxhey you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Lenders will not lend on short residential leases. You most probably experience difficulties where you want to sell your flat in South Oxhey if the remaining term of your lease is below the criteria set by the majority of lenders. Different lenders have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

Get in touch with one of our South Oxhey lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your South Oxhey 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

South Oxhey Lease Extension Example Cases:

Imogen, South Oxhey, Hertfordshire,

Off the back of lengthy negotiations with the landlord of her studio flat in South Oxhey, Imogen initiated the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work was finalised in November 2014. The freeholder’s fees were kept to an absolute minimum.

South Oxhey case:

In 2014 we were approached by Ms Y Moreau who, having moved into a ground floor apartment in South Oxhey in March 2009. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable premises in South Oxhey with a long lease were in the region of £246,800. The average ground rent payable was £60 invoiced yearly. The lease came to a finish in 2076. Having 50 years left we estimated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus costs.