Top reasons for Oxford lease extension

Why you should commence your Oxford lease extension today:

Increase your lease and increase your Oxford property value

For anyone whose Oxford property is held on a long lease, our message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

Leasehold premises in Oxford with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering many flats in Oxford were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Oxford lease extensions?

Lease extensions in Oxford can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Oxford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Oxford Lease Extension Example Cases:

Finn, Oxford, Oxfordshire,

Finn was the the leasehold proprietor of a conversion apartment in Oxford on the market with a lease of fraction over 72 years remaining. Finn informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Finn to invoke his statutory right. Finn obtained expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Oxford case:

Mr Archie Robinson bought a basement apartment in Oxford in September 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative residencies in Oxford with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish on 20 March 2087. Having 61 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 plus expenses.

Oxford case:

In 2013 we were called by Mr and Mrs. K Baker who, having took over the lease of a studio apartment in Oxford in June 2007. The question was if we could estimate the price would be for a ninety year lease extension. Comparative properties in Oxford with a long lease were in the region of £171,800. The mid-range ground rent payable was £55 collected annually. The lease terminated on 12 February 2076. Given that there were 50 years remaining we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 not including legals.