Main reasons to commence your Fareham lease extension

Why you should start your Fareham lease extension today:

A Fareham lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Fareham you actually own a long leasehold interest over your property

Fareham property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lenders may decide not to finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

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

Regardless of whether you are a tenant or a landlord in Fareham,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Fareham valuers.

Fareham Lease Extension Case Studies:

Isabella, Fareham, Hampshire,

Subsequent to protracted negotiations with the landlord of her leasehold flat in Fareham, Isabella commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The legal work was finalised in July 2008. The landlord’s fees were kept to an absolute minimum.

Fareham case:

Dr R Bell moved into a purpose-built flat in Fareham in July 2007. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Comparative residencies in Fareham with an extended lease were worth £174,200. The mid-range ground rent payable was £55 invoiced yearly. The lease ended on 6 May 2077. Having 51 years outstanding we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of expenses.

Fareham case:

Last month we were contacted by Dr Archie Ward , who moved into a studio apartment in Fareham in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in Fareham with a long lease were in the region of £285,000. The average ground rent payable was £45 invoiced annually. The lease came to a finish in 2097. Having 71 years outstanding we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.