Main reasons to start your Shrivenham lease extension

Why you should commence your Shrivenham lease extension today:

A Shrivenham lease depreciates with the years remaining on the lease.

Shrivenham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Shrivenham enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Shrivenham you must investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property on a short lease

Most mortgage companies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so where they can't obtain a mortgage, then the value of the property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Shrivenham?

Lease extensions in Shrivenham can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in this area.

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 dealing with Shrivenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shrivenham Lease Extension Example Cases:

Jackson, Shrivenham, Oxfordshire

In 2014 Jackson, came seriously near to the eighty-year threshold with the lease on his basement apartment in Shrivenham. Having purchased his home two decades ago, the lease term was of minimal concern. by good luck, he realised he needed to take steps soon on a lease extension. Jackson extended the lease at the eleventh hour last April. Jackson and the landlord in the end settled on a premium of £5,000 . If he not met the deadline, the sum would have become more costly by a minimum £1,075.

Shrivenham case:

Last June we were e-mailed by Mr and Mrs. E Lewis , who bought a studio flat in Shrivenham in April 2004. The dilemma was if we could approximate the premium would be to prolong the lease by ninety years. Similar properties in Shrivenham with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease ran out in 2105. Taking into account 79 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.

Shrivenham case:

Last Winter we were approach by Mr Nathan Davis , who was assigned a lease of a first floor apartment in Shrivenham in September 2010. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Identical homes in Shrivenham with an extended lease were valued around £193,400. The mid-range amount of ground rent was £65 collected per annum. The lease finished on 8 October 2085. Considering the 59 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus expenses.