The closer a residential lease in Fairlop gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years to run then this decrease may be negligible however there will become a stage when a lease has fewer 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 Fairlop will meet the qualifying criteria; nevertheless a lawyer will be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Fairlop with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Lease extensions in Fairlop can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
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 a wealth of experience procuring Fairlop lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Luke, started to get near to the 80-year threshold with the lease on his one bedroom flat in Fairlop. In buying his property two decades ago, the length of the lease was of minimal interest. Luckily, he noticed he needed to take action soon on a lease extension. Luke arranged for a lease extension just in the nick of time last June. Luke and the landlord who owned the flat above ultimately settled on the final figure of £6,000 . If he not met the deadline, the premium would have escalated by a minimum £850.
In 2011 we were contacted by Mr T Lewis who, having owned a newly refurbished flat in Fairlop in March 1998. We are asked if we could approximate the premium could be to extend the lease by 90 years. Comparable residencies in Fairlop with 100 year plus lease were in the region of £242,600. The average ground rent payable was £45 billed per annum. The lease concluded in 2093. Given that there were 67 years remaining we estimated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 plus legals.
An example of a Lease Extension decision for a Fairlop property is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case affected 1 flat. The unexpired term was 60.29 years.