Top reasons for Chipping Norton lease extension

Main reasons to commence your Chipping Norton lease extension today:

A Chipping Norton leasehold property depreciates with the years remaining on the lease.

The market value of Chipping Norton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to homes in Chipping Norton with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of prospective purchasers.

What makes us experts in Chipping Norton lease extensions?

Lease extensions in Chipping Norton can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Chipping Norton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chipping Norton Lease Extension Case Studies:

Max, Chipping Norton, Oxfordshire,

Max was the the leasehold owner of a studio apartment in Chipping Norton on the market with a lease of just over 59 years remaining. Max informally approached his freeholder being a well known Manchester-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 new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Max to invoke his statutory right. Max obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.

Chipping Norton case:

In 2012 we were phoned by Dr Theo Phillips who, having purchased a studio flat in Chipping Norton in May 1996. We are asked if we could estimate the price would likely be for a ninety year lease extension. Similar flats in Chipping Norton with a long lease were valued about £186,000. The mid-range ground rent payable was £65 billed per annum. The lease termination date was in 2084. Given that there were 58 years remaining we approximated the compensation to the freeholder for the lease extension to be within £24,700 and £28,600 not including expenses.

Chipping Norton case:

Last Autumn we were approach by Dr P Pérez , who owned a garden apartment in Chipping Norton in October 1996. The question was if we could estimate the price would be to prolong the lease by a further 90 years. Similar properties in Chipping Norton with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 collected annually. The lease lapsed on 5 May 2095. Considering the 69 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.