Main reasons to commence your Fenstanton lease extension

Top reasons for lease extension now:

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

Fenstanton leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Fenstanton will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are prescribed deadlines and formalities to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Fenstanton with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Most mortgage lenders require a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Fenstanton lease extensions?

Using our service gives you increased control over the value of your Fenstanton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Fenstanton Lease Extension Example Cases:

Felix, Fenstanton, Cambridgeshire

Last year Felix, started to get near to the eighty-year mark with the lease on his purpose- built flat in Fenstanton. In buying his property two decades ago, the unexpired term was of minimal interest. Luckily, it dawned on him that he needed to take action soon on a lease extension. Felix was able to extend his lease just ahead of time in July. Felix and the landlord ultimately agreed on the final figure of £5,500 . If the lease had gone to less than eighty years, the premium would have become more costly by at least £900.

Fenstanton case:

Last Spring we were approach by Mr and Mrs. P Davies , who purchased a one bedroom apartment in Fenstanton in September 2003. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Fenstanton with a long lease were worth £218,000. The average amount of ground rent was £45 billed per annum. The lease elapsed on 9 January 2089. Given that there were 63 years remaining we estimated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of legals.

Fenstanton case:

Mr and Mrs. O Smith was assigned a lease of a purpose-built flat in Fenstanton in November 2008. The question was if we could estimate the premium would be for a ninety year extension to my lease. Comparable flats in Fenstanton with a long lease were valued around £265,000. The average amount of ground rent was £55 invoiced yearly. The lease came to a finish on 25 August 2100. Given that there were 74 years remaining we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.