Main reasons to start your Benson lease extension

Top reasons for lease extension now:

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

Chances are that where you own a flat in Benson you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold property. Some will simply not lend at all once an unexpired lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are wanting to remortgage your Benson property.

What makes us experts in Benson lease extensions?

Lease extensions in Benson can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

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 dealing with Benson lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Benson Lease Extension Case Studies:

Jude, Benson, Oxfordshire

In recent months Jude, started to get close to the eighty-year threshold with the lease on his one bedroom flat in Benson. Having purchased his property two decades ago, the lease term was of little importance. Thankfully, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Jude arranged for a lease extension just under the wire last August. Jude and the freeholder via the managing agents ultimately agreed on an amount of £6,000 . If the lease had descended to less than 80 years, the premium would have become more exhorbitant by at least £1,075.

Benson case:

In 2013 we were approached by Dr J Collins who, having moved into a one bedroom flat in Benson in January 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Identical homes in Benson with a long lease were worth £261,600. The mid-range ground rent payable was £60 collected every twelve months. The lease expired on 12 October 2078. Considering the 52 years remaining we estimated the compensation to the freeholder to extend the lease to be within £39,000 and £45,000 exclusive of expenses.

Benson case:

Dr Molly Cooper owned a purpose-built flat in Benson in February 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Benson with an extended lease were worth £218,000. The mid-range ground rent payable was £45 billed annually. The lease ran out in 2089. Having 63 years outstanding we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 plus professional charges.