Why you should commence your Deddington lease extension

Why you should start your Deddington lease extension today:

Increase your lease and increase your Deddington property value

Deddington residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering many flats in Deddington were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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

The conveyancing solicitors that we work with procure Deddington 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 conveyancing solicitor we work with provide it.

Deddington Lease Extension Example Cases:

Stephanie, Deddington, Oxfordshire,

Trailing lengthy correspondence with the landlord of her two bedroom flat in Deddington, Stephanie initiated the lease extension process just as her lease was coming close to the crucial 80-year threshold. The legal work completed in June 2013. The landlord’s costs were restricted to less than 550 GBP.

Deddington case:

Mr and Mrs. S Clark acquired a garden flat in Deddington in November 2007. The question was if we could approximate the premium would be to extend the lease by an additional years. Comparative properties in Deddington with an extended lease were worth £264,000. The mid-range ground rent payable was £60 invoiced annually. The lease finished in 2079. Given that there were 53 years left we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 plus fees.

Deddington case:

Mr and Mrs. S Clark completed a basement flat in Deddington in March 2012. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable properties in Deddington with a long lease were worth £218,000. The mid-range ground rent payable was £45 invoiced yearly. The lease expired in 2089. Given that there were 63 years left we approximated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 plus legals.