Fenstanton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Fenstanton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Fenstanton you should see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Fenstanton flat owner with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay
It is conventional wisdom that a property with over one hundred years remaining is worth roughly 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 decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Fenstanton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Fenstanton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the freeholder of her basement flat in Fenstanton, Imogen commenced the lease extension process as the eighty year mark was swiftly advancing. The transaction completed in March 2010. The landlord’s costs were kept to an absolute minimum.
Last Winter we were phoned by Mr and Mrs. D Alexander , who bought a one bedroom apartment in Fenstanton in May 2009. The question was if we could approximate the price would be for a ninety year extension to my lease. Similar premises in Fenstanton with 100 year plus lease were valued about £176,200. The average ground rent payable was £65 invoiced annually. The lease lapsed in 2082. Having 56 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of legals.
In 2009 we were phoned by Mrs Samantha Davis who, having purchased a first floor apartment in Fenstanton in July 2004. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Identical premises in Fenstanton with a long lease were worth £242,600. The average ground rent payable was £45 billed per annum. The lease ran out on 22 March 2093. Given that there were 67 years remaining we calculated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 not including expenses.