Main reasons to start your Summertown lease extension

Why you should start your Summertown lease extension today:

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

Summertown residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

Leasehold residencies in Summertown with more than one hundred years remaining 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may not lend on a short lease

Many mortgage companies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Summertown property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Summertown?

Lease extensions in Summertown can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 Summertown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Summertown Lease Extension Example Cases:

Benjamin, Summertown, Oxfordshire,

Benjamin was the the leasehold proprietor of a 2 bedroom apartment in Summertown on the market with a lease of fraction over sixty years unexpired. Benjamin on an informal basis approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Benjamin to exercise his statutory right. Benjamin obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Summertown case:

In 2011 we were called by Mr and Mrs. L Michel who, having completed a one bedroom apartment in Summertown in February 2005. We are asked if we could estimate the price would be for a ninety year lease extension. Comparable properties in Summertown with a long lease were valued around £300,000. The mid-range ground rent payable was £50 collected per annum. The lease concluded in 2101. Having 75 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.

Summertown case:

Last Christmas we were e-mailed by Mr and Mrs. L Brown , who completed a one bedroom apartment in Summertown in March 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar properties in Summertown with an extended lease were worth £250,400. The average ground rent payable was £65 collected monthly. The lease came to a finish on 21 June 2090. Given that there were 64 years outstanding we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 plus expenses.