Why you should commence your Henley On Thames lease extension

Main reasons to commence your Henley On Thames lease extension today:

Increase your lease and increase your Henley On Thames property value

The re-sale value of a leasehold property in Henley On Thames depends on how long the lease has left to run. If it is near to or less than eighty years you should expect problems on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. Ideally one should start the process of extending the lease is when the lease still has 82 years remaining so that all matters can be addressed in advance of the eighty year cut off point. Leasehold Reform legislation entitles Henley On Thames qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus an additional term of 90 years. The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Henley On Thames property with a lease extension is almost the same value as a freehold

Leasehold properties in Henley On Thames with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to properties in Henley On Thames with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing your market.

Why use us for your lease extension in Henley On Thames?

Regardless of whether you are a tenant or a freeholder in Henley On Thames,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Henley On Thames valuers.

Henley On Thames Lease Extension Case Summaries:

Millie, Henley On Thames, Oxfordshire,

Following protracted negotiations with the freeholder of her studio apartment in Henley On Thames, Millie started the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction was finalised in October 2015. The freeholder’s costs were restricted to slightly above 700 pounds.

Henley On Thames case:

Dr T Robinson took over the lease of a purpose-built apartment in Henley On Thames in June 2004. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable premises in Henley On Thames with a long lease were in the region of £216,000. The mid-range ground rent payable was £60 collected per annum. The lease termination date was in 2084. Taking into account 58 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including legals.

Henley On Thames case:

Mr W Martinez took over the lease of a one bedroom apartment in Henley On Thames in July 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable residencies in Henley On Thames with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 collected annually. The lease terminated on 3 May 2104. Considering the 78 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £7,600 and £8,800 exclusive of fees.