Why you should commence your Bampton lease extension

Main reasons to start your Bampton lease extension today:

Increase your lease and increase your Bampton property value

Bampton residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. Considering many flats in Bampton were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Bampton can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge dealing with Bampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bampton Lease Extension Example Cases:

Muhammad, Bampton, Oxfordshire,

Muhammad was the the leasehold proprietor of a high value apartment in Bampton on the market with a lease of a few days over fifty eight years remaining. Muhammad on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Muhammad to exercise his statutory right. Muhammad obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Bampton case:

Mr and Mrs. D González purchased a garden apartment in Bampton in September 2002. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative residencies in Bampton with a long lease were in the region of £265,000. The average amount of ground rent was £50 billed per annum. The lease finished on 23 September 2099. Taking into account 73 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.

Bampton case:

In 2009 we were e-mailed by Mr and Mrs. F Thomas who, having acquired a ground floor flat in Bampton in May 2006. The question was if we could approximate the price would likely be for a ninety year lease extension. Identical flats in Bampton with an extended lease were valued around £264,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease came to a finish on 5 September 2079. Having 53 years remaining we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.