Why you should start your East Oxford lease extension

Main reasons to start your East Oxford lease extension today:

Increase your lease and increase your East Oxford property value

Chances are that where you own a flat in East Oxford you actually own a long leasehold interest over your property

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to homes in East Oxford with short leases. For example you might discover that their lending criteria are stricter and that they alter 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 hope for the best at auction thus narrowing the number of prospective purchasers.

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

Regardless of whether you are a tenant or a freeholder in East Oxford,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Oxford valuers.

East Oxford Lease Extension Case Summaries:

Phoebe, East Oxford, Oxfordshire,

Off the back of unsuccessful discussions with the freeholder of her two bedroom flat in East Oxford, Phoebe commenced the lease extension process as the 80 year mark was rapidly coming. The lease extension was concluded in May 2007. The landlord’s fees were negotiated to slightly above 700 GBP.

East Oxford case:

Last Spring we were contacted by Ms Grace Gunderson , who owned a one bedroom apartment in East Oxford in June 2012. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical flats in East Oxford with 100 year plus lease were worth £171,800. The average amount of ground rent was £55 collected every twelve months. The lease terminated on 10 June 2076. Given that there were 50 years left we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of expenses.

East Oxford case:

In 2009 we were approached by Mr and Mrs. T Lewis who, having moved into a one bedroom flat in East Oxford in November 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparable premises in East Oxford with a long lease were worth £280,000. The average amount of ground rent was £45 collected monthly. The lease expiry date was on 18 July 2096. Given that there were 70 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.