Top reasons for East Oxford lease extension

Why you should start your East Oxford lease extension today:

A East Oxford lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in East Oxford is a wasting asset as a result of the diminishing lease term. If the lease has, beyond 99 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Most flat owners in East Oxford will meet the qualifying criteria; nevertheless a conveyancer should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold properties in East Oxford with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies with a short lease

Nearly all banks and building societies will not lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your East Oxford property being difficult to dispose of or remortgage.

What makes us experts in East Oxford lease extensions?

The lawyers that we work with procure East Oxford 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.

East Oxford Lease Extension Case Studies:

Hunter, East Oxford, Oxfordshire

Two years ago Hunter, came seriously near to the 80-year threshold with the lease on his ground floor flat in East Oxford. Having bought his home twenty years previously, the lease term was of minimal interest. Fortunately, he realised he would imminently be paying an escalated premium for a lease extension. Hunter arranged for a lease extension just ahead of time last July. Hunter and the freeholder via the managing agents in the end settled on a premium of £5,500 . If he failed to meet the deadline, the price would have become more exhorbitant by a minimum £1,025.

East Oxford case:

Last Autumn we were contacted by Mr and Mrs. C André , who owned a one bedroom flat in East Oxford in October 2002. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparative flats in East Oxford with 100 year plus lease were worth £275,000. The average ground rent payable was £45 billed quarterly. The lease termination date was on 7 June 2095. Taking into account 69 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.

East Oxford case:

Mr I Morgan purchased a first floor apartment in East Oxford in February 1999. The question was if we could estimate the price would be for a ninety year extension to my lease. Similar premises in East Oxford with 100 year plus lease were in the region of £216,000. The average ground rent payable was £60 billed monthly. The lease terminated on 21 August 2084. Having 58 years left we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.