Why you should start your Farnham Common lease extension

Why you should commence your Farnham Common lease extension today:

A Farnham Common lease depreciates with the years remaining on the lease.

Farnham Common leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in Farnham Common will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not be entitled. There are prescribed timetables and formalities to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.

Farnham Common property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

Nearly all banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Farnham Common property becoming difficult to sell or remortgage.

Why use us for your lease extension in Farnham Common?

Using our service will provide you better control over the value of your Farnham Common leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Farnham Common Lease Extension Example Cases:

Alfie, Farnham Common, Buckinghamshire

Last October Alfie, started to get close to the eighty-year mark with the lease on his studio flat in Farnham Common. Having purchased his home 18 years ago, the lease term was of little significance. Luckily, he realised he needed to take steps soon on Extending the lease. Alfie extended the lease just ahead of time last August. Alfie and the freeholder subsequently settled on the final figure of £5,000 . If he failed to meet the deadline, the premium would have increased by at least £1,025.

Farnham Common case:

Mr and Mrs. V Mason moved into a one bedroom apartment in Farnham Common in April 2005. We are asked if we could approximate the price would likely be for a ninety year lease extension. Identical flats in Farnham Common with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed yearly. The lease finished in 2102. Given that there were 76 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Farnham Common case:

In 2010 we were phoned by Mr and Mrs. B Peterson who, having moved into a garden apartment in Farnham Common in September 1996. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar premises in Farnham Common with a long lease were valued about £181,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease concluded in 2082. Considering the 56 years unexpired we approximated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including costs.