Main reasons to commence your Farnham Common lease extension

Main reasons to commence your Farnham Common lease extension today:

Increase your lease and increase your Farnham Common property value

Farnham Common residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Lenders may not loan monies on a short lease

Banks and building societies are tightening their criteria and many now require flats to have at least 60 if not 70 years left at the end of the mortgage. Considering many flats in Farnham Common were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Farnham Common?

Irrespective of whether you are a tenant or a landlord in Farnham Common,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Farnham Common valuers.

Farnham Common Lease Extension Case Summaries:

Chelsea, Farnham Common, Buckinghamshire,

Subsequent to unsuccessful discussions with the freeholder of her two bedroom flat in Farnham Common, Chelsea commenced the lease extension process as the eighty year deadline was rapidly coming. The transaction was finalised in October 2008. The landlord’s charges were kept to an absolute minimum.

Farnham Common case:

In 2009 we were e-mailed by Mrs Maisie Roux who, having purchased a first floor flat in Farnham Common in August 2011. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar residencies in Farnham Common with an extended lease were worth £266,400. The mid-range ground rent payable was £60 collected per annum. The lease finished in 2080. Taking into account 54 years remaining we approximated the compensation to the landlord for the lease extension to be within £36,100 and £41,800 exclusive of professional charges.

Farnham Common case:

Last Christmas we were phoned by Mr and Mrs. K García , who took over the lease of a studio apartment in Farnham Common in July 2006. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable residencies in Farnham Common with an extended lease were in the region of £225,400. The average amount of ground rent was £45 billed quarterly. The lease elapsed in 2090. Having 64 years remaining we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 plus legals.