Why you should start your Eynsham lease extension

Why you should commence your Eynsham lease extension today:

Increase your lease and increase your Eynsham property value

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

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

The trend since the credit crunch has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Eynsham?

The conveyancers that we work with procure Eynsham 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.

Eynsham Lease Extension Case Studies:

Emma, Eynsham, Oxfordshire,

Trailing lengthy correspondence with the landlord of her basement flat in Eynsham, Emma commenced the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension was finalised in August 2008. The freeholder’s costs were restricted to below 450 GBP.

Eynsham case:

Last Autumn we were phoned by Mrs F Bailey , who bought a first floor flat in Eynsham in April 2008. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Eynsham with an extended lease were in the region of £198,800. The average amount of ground rent was £55 collected yearly. The lease concluded on 22 October 2081. Having 55 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 exclusive of legals.

Eynsham case:

Last year we were called by Dr H Martinez , who bought a studio apartment in Eynsham in September 2004. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative homes in Eynsham with 100 year plus lease were in the region of £295,000. The average amount of ground rent was £45 collected monthly. The lease ended in 2101. Considering the 75 years unexpired we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.