Fenny Stratford leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the existing lease drops lower than 80 years - otherwise a higher amount will be due. Flat owners in Fenny Stratford will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 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.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Virgin |
Lease extensions in Fenny Stratford can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Fenny Stratford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Thomas was the the leasehold proprietor of a 2 bedroom apartment in Fenny Stratford on the market with a lease of just over 61 years remaining. Thomas informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Thomas to invoke his statutory right. Thomas obtained expert legal guidance and secured an acceptable deal informally and sell the flat.
Dr K Patel moved into a purpose-built flat in Fenny Stratford in September 2003. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative premises in Fenny Stratford with an extended lease were valued around £216,000. The average amount of ground rent was £60 invoiced annually. The lease expired on 14 February 2084. Having 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.
Mr Harrison André completed a garden apartment in Fenny Stratford in January 2002. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparative flats in Fenny Stratford with 100 year plus lease were valued around £200,000. The average amount of ground rent was £50 billed per annum. The lease terminated on 9 June 2104. Having 78 years left we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.