Farnham Common leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Farnham Common will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are also strict timetables and formalities to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Farnham Common with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Lease extensions in Farnham Common can be a difficult process. We recommend you get guidance from a lawyer 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 Farnham Common lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted discussions with the landlord of her two bedroom apartment in Farnham Common, Lucy started the lease extension process just as her lease was nearing the crucial eighty-year mark. The legal work was concluded in April 2013. The freeholder’s costs were kept to an absolute minimum.
In 2014 we were called by Mr and Mrs. W Jones who, having took over the lease of a studio apartment in Farnham Common in February 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Identical residencies in Farnham Common with 100 year plus lease were worth £290,000. The average ground rent payable was £60 billed yearly. The lease came to a finish in 2106. Considering the 80 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.
Mr and Mrs. Y King acquired a basement flat in Farnham Common in April 2001. The question was if we could estimate the premium would be to extend the lease by an additional years. Identical premises in Farnham Common with a long lease were valued about £200,800. The mid-range amount of ground rent was £65 collected quarterly. The lease expired on 24 May 2086. Considering the 60 years unexpired we estimated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 not including fees.