Top reasons for Charlbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Charlbury property value

The re-sale value of a leasehold property in Charlbury depends on how many years the lease has left to run. If it is near to or fewer than 80 years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the lease extension process when the lease still has 82 years remaining so that all matters can be finalised ahead of the 80 year cut off point. Current legislation enables Charlbury qualifying lessees to acquire a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years left at the end of the mortgage. As a number of flats in Charlbury were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Charlbury lease extensions?

Regardless of whether you are a tenant or a landlord in Charlbury,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 Charlbury valuers.

Charlbury Lease Extension Case Summaries:

Arthur, Charlbury, Oxfordshire,

Arthur was the the leasehold proprietor of a studio apartment in Charlbury being sold with a lease of a little over fifty eight years left. Arthur on an informal basis approached his freeholder a well known Manchester-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 £125 annually. Ordinarily, ground rent would not be due on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Charlbury case:

Mr Nathaniel Martínez took over the lease of a studio flat in Charlbury in June 1996. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Identical residencies in Charlbury with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 collected every twelve months. The lease expiry date was on 24 October 2079. Taking into account 53 years outstanding we estimated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 not including legals.

Charlbury case:

Mr and Mrs. G Bertrand took over the lease of a ground floor apartment in Charlbury in July 2011. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Comparative homes in Charlbury with a long lease were valued around £225,400. The mid-range amount of ground rent was £45 invoiced per annum. The lease came to a finish in 2090. Having 64 years left we estimated the premium to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of costs.