Main reasons to commence your Frogmore lease extension

Top reasons for lease extension now:

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

Frogmore leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Frogmore tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Frogmore you really ought to check if your lease has between seventy and 90 years left. There are good reasons why a Frogmore leaseholder with a lease having around 80 years left should take steps to make sure that a lease extension is actioned without delay

Frogmore property with a lease extension has roughly the same value as a freehold

Leasehold premises in Frogmore with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not loan monies on a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Frogmore property becoming difficult to sell or to obtain finance on.

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

Lease extensions in Frogmore can be a difficult process. We recommend you procure professional help from a conveyancer 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 Frogmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Frogmore Lease Extension Example Cases:

Mason, Frogmore, Hampshire

Last year Mason, came seriously close to the 80-year threshold with the lease on his ground floor flat in Frogmore. In buying his property two decades ago, the lease term was of little bearing. Fortunately, he noticed he needed to take action soon on Extending the lease. Mason arranged for a lease extension just under the wire last September. Mason and the freeholder via the management company in the end settled on a premium of £6,000 . If the lease had slipped to less than eighty years, the figure would have gone up by at least £1,100.

Frogmore case:

In 2013 we were called by Dr Jude Gunderson who, having moved into a basement apartment in Frogmore in June 1995. The question was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparative premises in Frogmore with a long lease were worth £208,200. The mid-range ground rent payable was £65 collected every twelve months. The lease terminated in 2087. Having 61 years left we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of costs.

Frogmore case:

In 2010 we were phoned by Mr P Turner who, having purchased a studio apartment in Frogmore in October 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable residencies in Frogmore with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 billed quarterly. The lease finished on 26 June 2098. Considering the 72 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.