There is no doubt about it a leasehold flat or house in Summertown and Botley is a wasting asset as a result of the diminishing lease term. If the lease has, more than 99 years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Most flat owners in Summertown and Botley will qualify for this right; that being said a lawyer will be able to confirm 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 less than two years.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Yorkshire Building Society |
Lease extensions in Summertown and Botley can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 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.
Ryan was the the leasehold proprietor of a 2 bedroom flat in Summertown and Botley being sold with a lease of a little over 59 years outstanding. Ryan informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Ryan to invoke his statutory right. Ryan procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.
Dr Muhammad Martin bought a first floor flat in Summertown and Botley in February 2007. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical residencies in Summertown and Botley with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 invoiced quarterly. The lease finished on 22 March 2086. Considering the 60 years left we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus expenses.
Mrs Alexandra Peterson owned a garden apartment in Summertown and Botley in September 1996. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Similar premises in Summertown and Botley with 100 year plus lease were valued around £255,000. The average amount of ground rent was £50 billed monthly. The lease finished on 19 May 2097. Given that there were 71 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.