Why you should start your Chinnor lease extension

Main reasons to commence your Chinnor lease extension today:

Increase your lease and increase your Chinnor property value

When it comes to residential leasehold property in Chinnor, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than 80 years left. Residents in Chinnor with a lease approaching 81 years left should seriously think of extending it as soon as possible. Once the lease term has below 80 years outstanding, under the current legislation the landlord can calculate and levy a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.

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

Leasehold properties in Chinnor with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This will be problematic when you need to dispose of or remortgage your property as it will be effectively unmortgageable. You might not have an immediate desire to sell but when you do your buyer will need to wait a couple of years before they can exercise the right to a an extension to the lease.

What makes us experts in Chinnor lease extensions?

Using our service gives you enhanced control over the value of your Chinnor leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chinnor Lease Extension Case Studies:

Zachary, Chinnor, Oxfordshire

In 2014 Zachary, came seriously near to the eighty-year threshold with the lease on his garden apartment in Chinnor. In buying his flat two decades ago, the lease term was of minimal importance. Thankfully, he recognised he would soon be paying way over the odds for Extending the lease. Zachary arranged for a lease extension at the eleventh hour in March. Zachary and the landlord ultimately settled on the final figure of £6,000 . If the lease had slipped lower than eighty years, the sum would have escalated by at least £1,125.

Chinnor case:

Mrs Abbie Phillips owned a newly refurbished flat in Chinnor in April 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Chinnor with 100 year plus lease were worth £198,800. The average amount of ground rent was £55 invoiced annually. The lease ran out in 2081. Given that there were 55 years outstanding we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of costs.

Chinnor case:

Last March we were e-mailed by Mr R Lee , who bought a first floor apartment in Chinnor in October 1995. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Chinnor with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease came to a finish on 1 April 2101. Having 75 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.