Why you should commence your Fenny Stratford lease extension

Why you should commence your Fenny Stratford lease extension today:

Increase your lease and increase your Fenny Stratford property value

Chances are that if you own a flat in Fenny Stratford you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not finance a property on a short lease

Banks and building societies are really clamping down as regards to properties in Fenny Stratford with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Get in touch with one of our Fenny Stratford lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Fenny Stratford leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Fenny Stratford Lease Extension Case Summaries:

Bethany, Fenny Stratford, Buckinghamshire,

In the wake of 9 months of protracted discussions with the freeholder of her basement apartment in Fenny Stratford, Bethany started the lease extension process as the 80 year deadline was fast nearing. The transaction was finalised in April 2009. The landlord’s costs were negotiated to under 550 pounds.

Fenny Stratford case:

In 2011 we were called by Mr and Mrs. B Stewart who, having took over the lease of a first floor apartment in Fenny Stratford in November 2004. The question was if we could estimate the price would be for a 90 year lease extension. Identical residencies in Fenny Stratford with a long lease were worth £235,600. The mid-range ground rent payable was £60 invoiced monthly. The lease ran out in 2088. Taking into account 62 years as a residual term we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus expenses.

Fenny Stratford case:

Last Christmas we were phoned by Mrs H Morris , who acquired a newly refurbished apartment in Fenny Stratford in January 2007. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable premises in Fenny Stratford with 100 year plus lease were worth £174,200. The average amount of ground rent was £55 collected yearly. The lease ended on 8 November 2077. Given that there were 51 years as a residual term we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including costs.