With a domestic leasehold premises in Fakenham, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than 80 years remaining. Residents in Fakenham with a lease nearing 81 years unexpired should seriously consider extending it without delay. When a lease has under eighty years remaining, under the current legislation the landlord is entitled to calculate and charge a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.
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 any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Lease extensions in Fakenham can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 a wealth of experience procuring Fakenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper was the the leasehold proprietor of a conversion apartment in Fakenham on the market with a lease of a few days over 72 years outstanding. Jasper on an informal basis approached his freeholder a well known local-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 on the basis of a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Jasper to invoke his statutory right. Jasper procured expert legal guidance and secured satisfactory deal informally and sell the property.
In 2009 we were contacted by Mr L Patel who, having was assigned a lease of a first floor apartment in Fakenham in May 1996. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative properties in Fakenham with 100 year plus lease were worth £208,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished on 3 January 2087. Having 61 years outstanding we approximated the premium to the landlord for the lease extension to be within £20,000 and £23,000 not including legals.
Last Winter we were contacted by Ms H Kelly , who moved into a studio flat in Fakenham in April 2007. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable flats in Fakenham with a long lease were worth £260,000. The mid-range amount of ground rent was £50 collected quarterly. The lease ended in 2098. Taking into account 72 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.