Main reasons to start your Botley lease extension

Why you should start your Botley lease extension today:

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

The nearer a residential lease in Botley nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Most flat owners in Botley will meet the qualifying criteria; however a conveyancer should be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Botley property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Botley?

Regardless of whether you are a tenant or a landlord in Botley,the lease extension experts 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 Botley valuers.

Botley Lease Extension Case Summaries:

Toby, Botley, Oxfordshire,

Toby was the the leasehold owner of a high value apartment in Botley being marketed with a lease of just over 59 years outstanding. Toby on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby obtained expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Botley case:

In 2009 we were contacted by Ms F Mason who, having purchased a studio flat in Botley in June 2010. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar homes in Botley with an extended lease were worth £254,200. The mid-range amount of ground rent was £60 collected monthly. The lease ended in 2077. Given that there were 51 years remaining we approximated the premium to the freeholder to extend the lease to be within £43,700 and £50,600 not including legals.

Botley case:

Mrs V Hall owned a first floor flat in Botley in November 1998. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Identical premises in Botley with an extended lease were valued around £210,600. The average amount of ground rent was £45 invoiced per annum. The lease expired on 16 October 2088. Having 62 years outstanding we calculated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including legals.