Why you should commence your Bloxham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bloxham property value

The value of Bloxham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than eighty years

Bloxham property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

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

Regardless of whether you are a tenant or a landlord in Bloxham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bloxham valuers.

Bloxham Lease Extension Example Cases:

Aimee, Bloxham, Oxfordshire,

Following protracted correspondence with the landlord of her first floor flat in Bloxham, Aimee initiated the lease extension process as the eighty year threshold was rapidly coming. The transaction completed in September 2015. The freeholder’s charges were kept to an absolute minimum.

Bloxham case:

Last Spring we were called by Mr and Mrs. I Lambert , who moved into a basement apartment in Bloxham in October 2001. The question was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar residencies in Bloxham with an extended lease were valued about £256,600. The average ground rent payable was £60 billed per annum. The lease terminated in 2078. Considering the 52 years outstanding we estimated the compensation to the landlord for the lease extension to be within £41,800 and £48,400 exclusive of legals.

Bloxham case:

In 2013 we were contacted by Mrs Rhiannon Allen who, having moved into a purpose-built flat in Bloxham in September 1995. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar premises in Bloxham with a long lease were in the region of £218,000. The average amount of ground rent was £45 invoiced yearly. The lease came to a finish on 6 June 2089. Given that there were 63 years remaining we approximated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 plus expenses.