Top reasons for Farnham lease extension

Main reasons to commence your Farnham lease extension today:

A Farnham leasehold property depreciates with the years remaining on the lease.

The nearer a residential lease in Farnham nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years to run then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner rather than later. The majority of flat owners in Farnham will qualify for this right; nevertheless a lawyer can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not loan monies on a short lease

Mortgage companies do not lend on short residential leases. You most probably experience difficulties where you want to sell your flat in Farnham if the remaining lease term is below the criteria set by most banks and building societies. Different mortgage companies have different requirements but generally they are looking for an unexpired term of at least seventy years.

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

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

Farnham Lease Extension Example Cases:

Emily, Farnham, Surrey,

After protracted negotiations with the landlord of her first floor apartment in Farnham, Emily initiated the lease extension process just as the lease was coming close to the critical 80-year deadline. The legal work was finalised in August 2014. The landlord’s fees were restricted to below 650 pounds.

Farnham case:

In 2011 we were contacted by Ms Chelsea Girard who, having owned a first floor flat in Farnham in September 2012. The question was if we could approximate the premium would be for a ninety year lease extension. Comparable properties in Farnham with 100 year plus lease were in the region of £275,000. The average ground rent payable was £65 collected per annum. The lease lapsed on 22 November 2094. Considering the 68 years remaining we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including costs.

Farnham case:

In 2009 we were e-mailed by Mr Y Cox who, having moved into a ground floor flat in Farnham in February 2009. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Similar premises in Farnham with an extended lease were in the region of £208,600. The mid-range amount of ground rent was £60 collected monthly. The lease lapsed in 2083. Having 57 years remaining we calculated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.