With a residential leasehold premises in Fenny Stratford, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Leasehold owners in Fenny Stratford with a lease approaching 81 years left should seriously think of extending it as soon as possible. Once the lease term has less than eighty years remaining, under the relevant legislation the freeholder is entitled to calculate and demand a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Lease extensions in Fenny Stratford can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in lease extensions.
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 dealing with 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.
Two years ago Ben, came seriously near to the 80-year mark with the lease on his basement flat in Fenny Stratford. In buying his home two decades ago, the unexpired term was of little concern. Fortunately, he recognised he would imminently be paying an inflated amount for Extending the lease. Ben arranged for a lease extension just under the wire in May. Ben and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If he not met the deadline, the figure would have increased by a minimum £1,000.
Mr and Mrs. M Brown took over the lease of a one bedroom apartment in Fenny Stratford in July 2011. We are asked if we could approximate the price would likely be for a ninety year lease extension. Identical premises in Fenny Stratford with a long lease were worth £166,800. The average amount of ground rent was £50 billed yearly. The lease terminated in 2076. Having 50 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.
Last Christmas we were phoned by Mr and Mrs. M Carter , who completed a studio flat in Fenny Stratford in September 2009. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparative homes in Fenny Stratford with an extended lease were valued about £280,000. The average ground rent payable was £45 invoiced per annum. The lease expired in 2096. Considering the 70 years outstanding we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.