Why you should start your Fenton lease extension

Top reasons for lease extension now:

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

The nearer a domestic lease in Fenton gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, over 99 years to run then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner than later. The majority of flat owners in Fenton will qualify for this right; however a conveyancer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage with a short lease

Mortgage companies are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Fenton were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

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

Lease extensions in Fenton can be a difficult process. We recommend you procure guidance from a conveyancer 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 a wealth of experience procuring Fenton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Fenton Lease Extension Case Summaries:

Jasper, Fenton, Staffordshire

Twenty four months ago Jasper, came seriously close to the eighty-year threshold with the lease on his one bedroom flat in Fenton. In buying his property two decades ago, the lease term was of little bearing. Luckily, he recognised he needed to take action soon on Extending the lease. Jasper extended the lease just under the wire last August. Jasper and the freeholder ultimately settled on the final figure of £6,000 . If he not met the deadline, the figure would have escalated by a minimum £1,100.

Fenton case:

Last Summer we were approach by Mr and Mrs. T Morel , who owned a studio flat in Fenton in October 2011. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparable flats in Fenton with a long lease were valued about £264,000. The average amount of ground rent was £60 billed annually. The lease ended on 20 October 2079. Considering the 53 years as a residual term we estimated the premium to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of expenses.

Fenton case:

Last month we were approach by Mr and Mrs. D Mason , who owned a basement apartment in Fenton in November 2010. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Fenton with 100 year plus lease were in the region of £225,400. The average ground rent payable was £45 invoiced quarterly. The lease ran out on 4 September 2090. Considering the 64 years unexpired we estimated the premium to the landlord to extend the lease to be within £16,200 and £18,600 plus fees.