Why you should start your Fawley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fawley property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Fawley. Clearly, the term of lease remaining shortens over time. This is often overlooked and only becomes a problem when the property has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Fawley have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Do give careful deliberation before putting off your Fawley lease extension. Putting off the cost now simply increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend on a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As many flats in Fawley were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

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

The conveyancers that we work with undertake Fawley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Fawley Lease Extension Case Summaries:

Danielle, Fawley, Hampshire,

In the wake of 9 months of protracted discussions with the landlord of her ground floor flat in Fawley, Danielle initiated the lease extension process just as the lease was coming close to the all-important 80-year deadline. The lease extension was finalised in April 2008. The freeholder’s fees were negotiated to approximately 600 GBP.

Fawley case:

In 2009 we were contacted by Mr and Mrs. A López who, having moved into a purpose-built apartment in Fawley in September 1995. The dilemma was if we could estimate the premium would be to extend the lease by 90 years. Similar homes in Fawley with 100 year plus lease were valued around £200,000. The mid-range amount of ground rent was £50 billed per annum. The lease elapsed in 2104. Taking into account 78 years remaining we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.

Fawley case:

In 2010 we were e-mailed by Mr and Mrs. K Morris who, having took over the lease of a studio flat in Fawley in February 1995. The question was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar properties in Fawley with an extended lease were valued around £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease lapsed in 2093. Having 67 years remaining we calculated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 plus professional charges.