Why you should commence your Fordingbridge lease extension

Main reasons to start your Fordingbridge lease extension today:

Increase your lease and increase your Fordingbridge property value

The re-sale value of a leasehold property in Fordingbridge is impacted by how many years the lease has left to run. If it is near to or fewer than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is preferable to start the process of extending the lease is when the lease still has 82 years to run so that a lease extension can be concluded ahead of the eighty year cut off point. Leasehold Reform legislation enables Fordingbridge qualifying lessees to an additional term of ninety years in addition to the existing term, at a notional rent (zero ground rent). The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Fordingbridge property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend on a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least sixty if not seventy years left at the end of the mortgage. As plenty of flats in Fordingbridge were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Fordingbridge?

Irrespective of whether you are a tenant or a freeholder in Fordingbridge,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Fordingbridge valuers.

Fordingbridge Lease Extension Case Studies:

Sarah, Fordingbridge, Hampshire,

After protracted discussions with the landlord of her purpose-built apartment in Fordingbridge, Sarah commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The legal work completed in May 2009. The landlord’s costs were negotiated to under 450 pounds.

Fordingbridge case:

Last Autumn we were approach by Dr John Wilson , who owned a one bedroom flat in Fordingbridge in October 2010. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar flats in Fordingbridge with a long lease were valued about £267,600. The average amount of ground rent was £65 collected monthly. The lease elapsed on 16 August 2093. Considering the 67 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of expenses.

Fordingbridge case:

Last year we were phoned by Dr Catherine Martínez , who purchased a basement flat in Fordingbridge in September 2011. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar residencies in Fordingbridge with a long lease were in the region of £206,200. The mid-range ground rent payable was £60 collected yearly. The lease ran out on 21 June 2082. Taking into account 56 years left we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.