Why you should commence your Frogmore lease extension

Why you should commence your Frogmore lease extension today:

Increase your lease and increase your Frogmore property value

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 the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Frogmore residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Frogmore you would be well advised to check if your lease has between 70 and 90 years remaining. There are good reasons why a Frogmore leaseholder with a lease having around eighty years remaining should take action to ensure that a lease extension is put in place without delay

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

Leasehold residencies in Frogmore with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may not grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic once you need to sell or remortgage your property as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your purchaser must wait 2 years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Frogmore?

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

Frogmore Lease Extension Example Cases:

Eliot, Frogmore, Hampshire

Last year Eliot, started to get near to the 80-year mark with the lease on his purpose- built apartment in Frogmore. Having bought his property 18 years ago, the unexpired term was of little bearing. Thankfully, he noticed he would soon be paying way over the odds for a lease extension. Eliot was able to extend his lease at the eleventh hour last September. Eliot and the landlord who owned the flat above in the end agreed on an amount of £5,000 . If the lease had dipped lower than 80 years, the amount would have become more costly by a minimum £1,100.

Frogmore case:

Mr and Mrs. M Collins acquired a first floor flat in Frogmore in October 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical residencies in Frogmore with a long lease were valued about £290,000. The average amount of ground rent was £60 invoiced annually. The lease finished in 2106. Given that there were 80 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.

Frogmore case:

Last August we were contacted by Mr V Morel , who was assigned a lease of a ground floor apartment in Frogmore in November 1999. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical residencies in Frogmore with an extended lease were in the region of £200,800. The mid-range ground rent payable was £65 billed annually. The lease end date was in 2086. Having 60 years remaining we calculated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 plus fees.