The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Oakdale can extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Oakdale lease extension. Putting off that expense today simply escalates the price you will eventually be required to pay to extend the lease.
Leasehold properties in Oakdale with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Oakdale can be a difficult process. We recommend you get guidance from a lawyer 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 Oakdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Alfie, came perilously near to the eighty-year mark with the lease on his leasehold apartment in Oakdale. In buying his flat twenty years previously, the length of the lease was of no significance. Fortunately, he noticed he would soon be paying an inflated amount for a lease extension. Alfie arranged for a lease extension just under the wire last September. Alfie and the landlord ultimately settled on an amount of £5,000 . If he had missed the deadline, the premium would have escalated by at least £900.
Mr and Mrs. J Cook acquired a first floor apartment in Oakdale in May 2003. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar flats in Oakdale with 100 year plus lease were in the region of £233,200. The average amount of ground rent was £60 collected monthly. The lease terminated on 27 April 2086. Having 61 years left we approximated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 exclusive of professional charges.
In 2009 we were called by Mr Owen Lefebvre who, having moved into a one bedroom apartment in Oakdale in May 2012. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable residencies in Oakdale with 100 year plus lease were worth £171,800. The average ground rent payable was £55 billed annually. The lease concluded in 2075. Taking into account 50 years remaining we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.