Top reasons for Frimley lease extension

Why you should start your Frimley lease extension today:

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

The re-sale value of a leasehold property in Frimley depends on how long the lease has left to run. If it is close to or less than 80 years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is preferable to commence the lease extension process when the lease still has 82 years unexpired so that formalities can be finalised well before the 80 year threshold. Current legislation entitles Frimley qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to finance a property on a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Frimley property becoming difficult to sell or refinance.

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

Regardless of whether you are a tenant or a landlord in Frimley,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Frimley valuers.

Frimley Lease Extension Case Summaries:

Toby, Frimley, Surrey

Last year Toby, came perilously near to the 80-year mark with the lease on his basement apartment in Frimley. Having bought his home two decades ago, the length of the lease was of little relevance. by good luck, he realised he would imminently be paying an inflated amount for Extending the lease. Toby was able to extend his lease just under the wire in June. Toby and the freeholder eventually settled on sum of £6,000 . If he not met the deadline, the sum would have escalated by a minimum £1,050.

Frimley case:

In 2011 we were e-mailed by Ms Eleanor Vincent who, having moved into a newly refurbished apartment in Frimley in August 2003. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar flats in Frimley with 100 year plus lease were in the region of £216,000. The mid-range amount of ground rent was £60 collected annually. The lease expired in 2084. Having 58 years remaining we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.

Frimley case:

Last Autumn we were phoned by Mr G Carter , who acquired a newly refurbished apartment in Frimley in September 2007. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable properties in Frimley with a long lease were valued around £205,000. The average ground rent payable was £50 billed monthly. The lease came to a finish on 10 August 2104. Given that there were 78 years as a residual term we calculated the premium to the landlord for the lease extension to be between £7,600 and £8,800 not including costs.