Why you should commence your Cholsey lease extension

Why you should commence your Cholsey lease extension today:

Increase your lease and increase your Cholsey property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Cholsey. Inevitably, the term of lease remaining shortens as time goes by. This is often ignored and only becomes a problem when the residence has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Cholsey have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please give due deliberation before delaying your Cholsey lease extension. Holding off the cost now simply increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Cholsey with more than 100 years left on the lease are often 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 freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not lend on a short lease

Most banks and building societies will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Cholsey property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Cholsey?

The conveyancers that we work with handle Cholsey lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Cholsey Lease Extension Case Summaries:

Rebecca, Cholsey, Oxfordshire,

Following unsuccessful negotiations with the landlord of her one bedroom flat in Cholsey, Rebecca commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The transaction was concluded in October 2010. The landlord’s fees were kept to an absolute minimum.

Cholsey case:

Mr and Mrs. P Vincent owned a recently refurbished apartment in Cholsey in June 2010. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar residencies in Cholsey with a long lease were in the region of £168,800. The average ground rent payable was £60 billed annually. The lease expired in 2081. Considering the 55 years unexpired we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.

Cholsey case:

Dr Maisie Kelly was assigned a lease of a one bedroom flat in Cholsey in October 2008. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Similar properties in Cholsey with 100 year plus lease were worth £235,200. The mid-range amount of ground rent was £45 collected quarterly. The lease ran out in 2092. Considering the 66 years remaining we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.