Why you should commence your Oxshott lease extension

Why you should start your Oxshott lease extension today:

Increase your lease and increase your Oxshott property value

When it comes to long leasehold property in Oxshott, you are actually buying a right to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years remaining. Residents in Oxshott with a lease approaching 81 years left should seriously consider extending it as soon as possible. When the lease term has below eighty years outstanding, under the relevant Act the freeholder is entitled to calculate and levy a greater premium, based on a technical multiplication, known as “marriage value” which is due.

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

Leasehold premises in Oxshott with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to finance a property with a short lease

Many mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your Oxshott property being difficult to dispose of or to obtain finance on.

What makes us experts in Oxshott lease extensions?

Regardless of whether you are a tenant or a freeholder in Oxshott,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 Oxshott valuers.

Oxshott Lease Extension Case Summaries:

Francesca, Oxshott, Surrey,

After unsuccessful negotiations with the freeholder of her garden flat in Oxshott, Francesca commenced the lease extension process as the eighty year threshold was quickly advancing. The transaction completed in September 2006. The freeholder’s fees were kept to an absolute minimum.

Oxshott case:

Mr and Mrs. O Norbert moved into a recently refurbished flat in Oxshott in April 1998. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Oxshott with 100 year plus lease were in the region of £186,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease concluded on 2 November 2084. Considering the 58 years unexpired we estimated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 exclusive of legals.