Main reasons to start your Farnham Royal lease extension

Top reasons for lease extension now:

A Farnham Royal lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Farnham Royal you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This may be problematic once you come to dispose of or refinance your property as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your buyer must wait two years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Farnham Royal?

Engaging our service gives you enhanced control over the value of your Farnham Royal leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Farnham Royal Lease Extension Case Studies:

Cameron, Farnham Royal, Buckinghamshire,

Cameron was the the leasehold proprietor of a studio flat in Farnham Royal on the market with a lease of just over fifty eight years remaining. Cameron informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Cameron to invoke his statutory right. Cameron procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Farnham Royal case:

In 2014 we were e-mailed by Dr J Thomas who, having bought a one bedroom apartment in Farnham Royal in November 2012. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable premises in Farnham Royal with a long lease were worth £290,000. The average ground rent payable was £60 collected monthly. The lease ended on 13 May 2106. Having 80 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including fees.

Farnham Royal case:

Mr and Mrs. R Nelson took over the lease of a ground floor flat in Farnham Royal in June 2007. The question was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable properties in Farnham Royal with an extended lease were worth £200,800. The average ground rent payable was £65 invoiced yearly. The lease terminated on 28 April 2086. Having 60 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus legals.