Top reasons for Oxshott lease extension

Top reasons for lease extension now:

A Oxshott leasehold property depreciates with the years remaining on the lease.

For those whose Oxshott flat is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies may not issue a mortgage with a short lease

What makes us experts in Oxshott lease extensions?

The conveyancing solicitors that we work with procure Oxshott 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.

Oxshott Lease Extension Case Summaries:

Hunter, Oxshott, Surrey

During the course of the last few months Hunter, started to get near to the 80-year mark with the lease on his studio flat in Oxshott. Having purchased his flat twenty years ago, the unexpired term was of little importance. Fortunately, he became aware that he would imminently be paying way over the odds for a lease extension. Hunter extended the lease at the eleventh hour last June. Hunter and the landlord who owned the flat above in the end agreed on the final figure of £5,500 . If the lease had dipped below 80 years, the figure would have increased by at least £975.

Oxshott case:

In 2014 we were contacted by Mr and Mrs. F Lefebvre who, having bought a one bedroom apartment in Oxshott in February 2000. The question was if we could estimate the premium would be for a 90 year lease extension. Similar residencies in Oxshott with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 billed quarterly. The lease came to a finish in 2103. Given that there were 77 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of legals.