Top reasons for Oxton lease extension

Main reasons to start your Oxton lease extension today:

Increase your lease and increase your Oxton property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Oxton. Clearly, the period of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the property needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying leaseholders in Oxton have the right to extend the lease for a further ninety years in accordance with statute. You should give careful deliberation before delaying your Oxton lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease

Oxton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to issue a mortgage on a short lease

The propensity since 2008 has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Oxton lease extensions?

Engaging our service gives you increased control over the value of your Oxton leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Oxton Lease Extension Case Studies:

Sam, Oxton, Merseyside

Last Summer Sam, started to get near to the 80-year threshold with the lease on his purpose- built flat in Oxton. In buying his property two decades ago, the unexpired term was of little relevance. Thankfully, it dawned on him that he would soon be paying way over the odds for Extending the lease. Sam arranged for a lease extension at the eleventh hour in June. Sam and the landlord eventually settled on a premium of £6,000 . If he not met the deadline, the amount would have become more exhorbitant by at least £1,000.

Oxton case:

Mrs K Reed was assigned a lease of a purpose-built flat in Oxton in June 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparable properties in Oxton with a long lease were in the region of £246,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease terminated on 22 May 2076. Given that there were 50 years left we estimated the premium to the landlord to extend the lease to be between £44,700 and £51,600 not including expenses.

Oxton case:

Last Autumn we were contacted by Mrs B Nguyen , who completed a basement flat in Oxton in February 2012. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Comparative properties in Oxton with 100 year plus lease were worth £203,200. The mid-range amount of ground rent was £65 billed per annum. The lease terminated in 2087. Having 61 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 not including expenses.