Main reasons to commence your Oxshott lease extension

Top reasons for lease extension now:

Increase your lease and increase your Oxshott property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Oxshott. Clearly, the period of lease remaining shortens over time. This may pass by relatively unnoticed when the property needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible long lease owners in Oxshott have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give due attention before delaying your Oxshott lease extension. Putting off the cost now simply increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.

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

Almost all mortgage lenders will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Oxshott property being difficult to sell or remortgage.

What makes us experts in Oxshott lease extensions?

Irrespective of whether you are a tenant or a landlord in Oxshott,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Oxshott valuers.

Oxshott Lease Extension Example Cases:

Liam, Oxshott, Surrey,

Liam owned a studio apartment in Oxshott on the market with a lease of a few days over 72 years left. Liam informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Liam to exercise his statutory right. Liam procured expert advice and secured an acceptable resolution informally and readily saleable.

Oxshott case:

Mr and Mrs. F Howard purchased a ground floor flat in Oxshott in November 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical homes in Oxshott with a long lease were worth £200,800. The average ground rent payable was £65 collected per annum. The lease lapsed on 12 October 2085. Taking into account 60 years outstanding we calculated the premium to the landlord to extend the lease to be within £20,900 and £24,200 plus costs.