Main reasons to start your Carterton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Carterton property value

On the balance of probabilities if you own a flat in Carterton you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Carterton with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not loan monies with a short lease

Lenders are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that a number of flats in Carterton were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Carterton?

Using our service gives you enhanced control over the value of your Carterton leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Carterton Lease Extension Example Cases:

Jack, Carterton, Oxfordshire,

Jack was the the leasehold proprietor of a high value flat in Carterton on the market with a lease of just over fifty eight years remaining. Jack on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Jack to invoke his statutory right. Jack procured expert legal guidance and secured an acceptable resolution informally and sell the property.

Carterton case:

In 2014 we were contacted by Mr and Mrs. O Kelly who, having bought a purpose-built apartment in Carterton in March 2009. The question was if we could approximate the price could be to extend the lease by ninety years. Comparative residencies in Carterton with an extended lease were worth £171,800. The mid-range ground rent payable was £55 invoiced every twelve months. The lease expired in 2076. Considering the 50 years unexpired we approximated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 not including expenses.

Carterton case:

Dr Eli Khan moved into a one bedroom apartment in Carterton in September 2005. The question was if we could approximate the premium could be for a ninety year lease extension. Identical premises in Carterton with an extended lease were worth £280,000. The mid-range ground rent payable was £45 invoiced monthly. The lease ended on 14 May 2096. Having 70 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus professional charges.