As the the remaining lease term of a Summertown and Botley residential lease diminished so does its value and therefore the value of your property. If the lease has, over 99 years remaining then this decrease may be of little impact however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Summertown and Botley will meet the qualifying criteria; that being said a lawyer can advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Summertown and Botley with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Summertown and Botley can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 in-depth market knowledge procuring Summertown and Botley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry was the the leasehold owner of a 2 bedroom apartment in Summertown and Botley being sold with a lease of just over 61 years unexpired. Harry informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.
In 2014 we were e-mailed by Dr Y Bonnet who, having purchased a garden apartment in Summertown and Botley in June 2009. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Identical residencies in Summertown and Botley with 100 year plus lease were worth £260,000. The average ground rent payable was £50 billed monthly. The lease terminated on 14 March 2098. Given that there were 72 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
Mrs C Bell was assigned a lease of a ground floor apartment in Summertown and Botley in April 2012. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Identical homes in Summertown and Botley with 100 year plus lease were in the region of £256,600. The mid-range amount of ground rent was £60 collected annually. The lease expired on 9 July 2078. Taking into account 52 years remaining we estimated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 not including professional charges.