As the the remaining lease term of a Fenny Stratford residential lease diminished so does its value and therefore the value of your property. Where the lease has, in excess of one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Fenny Stratford will qualify for this right; that being said a conveyancing solicitor will be able to advise whether 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.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Santander |
Regardless of whether you are a tenant or a freeholder in Fenny Stratford,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Fenny Stratford valuers.
Following protracted correspondence with the landlord of her first floor flat in Fenny Stratford, Chantelle started the lease extension process just as her lease was nearing the crucial eighty-year deadline. The transaction completed in April 2011. The freeholder’s fees were kept to an absolute minimum.
Last year we were called by Mr Harrison Kelly , who was assigned a lease of a studio apartment in Fenny Stratford in May 2007. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative properties in Fenny Stratford with a long lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced annually. The lease concluded in 2103. Considering the 77 years left we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.
Dr Imogen Jones purchased a purpose-built apartment in Fenny Stratford in January 2004. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Identical residencies in Fenny Stratford with a long lease were worth £260,200. The average ground rent payable was £65 collected annually. The lease concluded in 2092. Having 66 years outstanding we approximated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 exclusive of expenses.