Top reasons for Abingdon lease extension

Why you should commence your Abingdon lease extension today:

A Abingdon lease depreciates with the years remaining on the lease.

With a domestic leasehold premises in Abingdon, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are less than 80 years left. Residents in Abingdon with a lease drawing near to 81 years remaining should seriously think of extending it without delay. Once the lease term has under 80 years left, under the current Act the freeholder is entitled to calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Abingdon if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have different criteria but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Abingdon?

The conveyancers that we work with procure Abingdon 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 conveyancing solicitor we work with provide it.

Abingdon Lease Extension Example Cases:

Poppy, Abingdon, Oxfordshire,

Subsequent to unsuccessful negotiations with the landlord of her first floor flat in Abingdon, Poppy commenced the lease extension process just as her lease was approaching the critical 80-year threshold. The legal work was concluded in July 2007. The landlord’s fees were kept to an absolute minimum.

Abingdon case:

In 2013 we were e-mailed by Ms Sian Bennett who, having was assigned a lease of a garden flat in Abingdon in January 2003. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar flats in Abingdon with an extended lease were valued around £198,800. The average ground rent payable was £55 collected per annum. The lease terminated on 12 January 2081. Considering the 55 years outstanding we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus legals.

Abingdon case:

In 2014 we were approached by Mr and Mrs. R Lefebvre who, having took over the lease of a studio flat in Abingdon in August 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Similar flats in Abingdon with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 invoiced quarterly. The lease terminated in 2101. Considering the 75 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.