Why you should start your Fairbourne lease extension

Main reasons to start your Fairbourne lease extension today:

Increase your lease and increase your Fairbourne property value

The value of Fairbourne leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Fairbourne were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Engaging our service gives you increased control over the value of your Fairbourne leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Fairbourne Lease Extension Case Studies:

Alfie, Fairbourne, Gwynedd,

Alfie was the the leasehold proprietor of a studio flat in Fairbourne on the market with a lease of a few days over 72 years unexpired. Alfie on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Alfie to invoke his statutory right. Alfie procured expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.

Fairbourne case:

In 2011 we were phoned by Mr M Wright who, having completed a one bedroom apartment in Fairbourne in March 2005. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Fairbourne with a long lease were in the region of £242,600. The mid-range amount of ground rent was £45 billed yearly. The lease ran out in 2093. Having 67 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 not including professional charges.

Fairbourne case:

Last Autumn we were e-mailed by Mr and Mrs. Y López , who owned a first floor apartment in Fairbourne in October 1998. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Comparable homes in Fairbourne with an extended lease were in the region of £280,000. The average ground rent payable was £55 collected per annum. The lease terminated in 2104. Given that there were 78 years left we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus professional charges.