Faringdon leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Faringdon enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Faringdon you must investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Faringdon can be a difficult process. We recommend you procure professional help from a lawyer 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 a wealth of experience dealing with Faringdon 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 Eliot, came critically near to the eighty-year mark with the lease on his ground floor flat in Faringdon. In buying his flat 19 years ago, the unexpired term was of minimal bearing. As luck would have it, he became aware that he would imminently be paying way over the odds for a lease extension. Eliot arranged for a lease extension just under the wire in May. Eliot and the landlord who owned the flat above eventually settled on the final figure of £5,000 . If the lease had dipped lower than eighty years, the premium would have escalated by at least £1,025.
In 2012 we were contacted by Dr Kelsey Lewis who, having acquired a garden apartment in Faringdon in July 1999. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar residencies in Faringdon with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected monthly. The lease finished on 21 April 2093. Having 67 years outstanding we estimated the premium to the landlord to extend the lease to be between £14,300 and £16,400 not including legals.
Last February we were approach by Mr and Mrs. B Petit , who was assigned a lease of a garden flat in Faringdon in September 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable residencies in Faringdon with 100 year plus lease were worth £201,200. The average ground rent payable was £55 invoiced every twelve months. The lease elapsed in 2082. Considering the 56 years unexpired we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 not including professional charges.