Main reasons to commence your Fenstanton lease extension

Main reasons to start your Fenstanton lease extension today:

A Fenstanton lease depreciates with the years remaining on the lease.

Fenstanton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Fenstanton tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Fenstanton you must see if your lease has between seventy and ninety years left. There are compelling reasons why a Fenstanton leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not lend on a short lease

Many banks and building societies will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your Fenstanton property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Fenstanton lease extensions?

Irrespective of whether you are a tenant or a freeholder in Fenstanton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fenstanton valuers.

Fenstanton Lease Extension Case Summaries:

Jennifer, Fenstanton, Cambridgeshire,

Following lengthy correspondence with the freeholder of her first floor apartment in Fenstanton, Jennifer initiated the lease extension process just as her lease was approaching the critical eighty-year threshold. The legal work was concluded in October 2008. The freeholder’s costs were kept to an absolute minimum.

Fenstanton case:

Last month we were phoned by Ms Lucy James , who acquired a one bedroom apartment in Fenstanton in August 2008. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative flats in Fenstanton with an extended lease were in the region of £173,800. The average amount of ground rent was £60 invoiced annually. The lease finished in 2081. Given that there were 55 years left we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including fees.

Fenstanton case:

Last May we were approach by Dr Sophie Gunderson , who was assigned a lease of a basement apartment in Fenstanton in August 1997. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Fenstanton with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced yearly. The lease came to a finish in 2092. Given that there were 66 years remaining we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.