Main reasons to start your Fenny Stratford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fenny Stratford property value

Fenny Stratford leases on residential deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Fenny Stratford will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

Fenny Stratford property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not lend on a short lease

Many banks and building societies will not lend on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Fenny Stratford property becoming difficult to sell or remortgage.

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

Engaging our service gives you increased control over the value of your Fenny Stratford leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Fenny Stratford Lease Extension Example Cases:

Adam, Fenny Stratford, Buckinghamshire,

Adam was the the leasehold proprietor of a 2 bedroom flat in Fenny Stratford being sold with a lease of just over sixty years outstanding. Adam informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Adam to invoke his statutory right. Adam obtained expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Fenny Stratford case:

Last year we were contacted by Mrs Courtney Allen , who took over the lease of a ground floor apartment in Fenny Stratford in September 2002. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable homes in Fenny Stratford with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease terminated in 2099. Considering the 73 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Fenny Stratford case:

In 2013 we were called by Mrs S Cox who, having completed a newly refurbished flat in Fenny Stratford in July 1998. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative homes in Fenny Stratford with an extended lease were valued around £235,600. The average ground rent payable was £60 invoiced every twelve months. The lease ran out in 2088. Having 62 years left we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of legals.