When it comes to long leasehold property in Fetcham, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are less than 80 years left. Residents in Fetcham with a lease approaching 81 years left should seriously consider extending it sooner as opposed to later. When the lease term has under 80 years remaining, under the current statute the freeholder is entitled to calculate and charge a greater premium, based on a technical calculation, known as “marriage value” which is due.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Fetcham can be a difficult process. We recommend you obtain professional help 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 a wealth of experience procuring Fetcham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the freeholder of her first floor apartment in Fetcham, Katherine initiated the lease extension process as the 80 year deadline was rapidly nearing. The transaction was concluded in January 2012. The landlord’s fees were negotiated to approximately 550 pounds.
Last month we were contacted by Mrs N González , who completed a studio apartment in Fetcham in March 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar properties in Fetcham with 100 year plus lease were worth £256,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease ended on 14 July 2078. Given that there were 52 years remaining we calculated the premium to the landlord for the lease extension to be within £39,000 and £45,000 plus costs.
In 2012 we were phoned by Mr and Mrs. E Garcia who, having moved into a newly refurbished apartment in Fetcham in January 1997. The question was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Identical flats in Fetcham with a long lease were valued about £218,000. The average ground rent payable was £45 invoiced quarterly. The lease end date was on 13 July 2089. Considering the 63 years left we approximated the premium to the landlord for the lease extension to be between £17,100 and £19,800 plus professional charges.