Top reasons for Coxhoe lease extension

Main reasons to commence your Coxhoe lease extension today:

Increase your lease and increase your Coxhoe property value

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

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

Leasehold premises in Coxhoe with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic once you come to sell or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an imminent plan to sell but when you do your buyer will have to wait a couple of years before being able to commence the legal procedures for a lease extension.

Get in touch with one of our Coxhoe lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure Coxhoe 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.

Coxhoe Lease Extension Case Studies:

Joshua, Coxhoe, County Durham

During the course of the last few months Joshua, came precariously near to the eighty-year threshold with the lease on his two bedroom apartment in Coxhoe. In buying his property 18 years previously, the lease term was of no bearing. As luck would have it, he recognised he would soon be paying an inflated amount for a lease extension. Joshua was able to extend his lease just in the nick of time last May. Joshua and the freeholder eventually agreed on an amount of £6,000 . If the lease had gone lower than eighty years, the amount would have become more costly by at least £875.

Coxhoe case:

In 2013 we were approached by Mr Ryan Simon who, having purchased a recently refurbished apartment in Coxhoe in January 2006. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Coxhoe with an extended lease were worth £203,200. The mid-range ground rent payable was £65 collected quarterly. The lease elapsed on 17 August 2087. Taking into account 61 years unexpired we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including professional charges.

Coxhoe case:

In 2010 we were phoned by Mr and Mrs. G Wilson who, having acquired a recently refurbished apartment in Coxhoe in January 2005. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar residencies in Coxhoe with 100 year plus lease were worth £260,000. The average ground rent payable was £50 invoiced quarterly. The lease came to a finish on 22 June 2098. Taking into account 72 years remaining we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.