Main reasons to start your Fairford lease extension

Why you should commence your Fairford lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Fairford have the legal entitlement to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Fairford lease extension. Postponing that expense today simply escalates the amount you will ultimately be required to pay for a lease extension.

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

Leasehold residencies in Fairford with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are tightening their criteria and many now expect flats to have at least 60 if not 70 years remaining at the end of the mortgage. As many flats in Fairford were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

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

The conveyancing solicitors that we work with undertake Fairford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Fairford Lease Extension Example Cases:

Chelsea, Fairford, Gloucestershire,

Off the back of unsuccessful negotiations with the landlord of her two bedroom apartment in Fairford, Chelsea started the lease extension process just as the lease was approaching the crucial 80-year mark. The transaction was finalised in February 2012. The landlord’s fees were negotiated to below 450 GBP.

Fairford case:

Mr and Mrs. F Harris purchased a newly refurbished apartment in Fairford in April 2004. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparable premises in Fairford with 100 year plus lease were valued around £233,200. The average ground rent payable was £60 billed every twelve months. The lease came to a finish on 22 July 2087. Having 61 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including professional charges.

Fairford case:

Mr H Flores purchased a basement flat in Fairford in April 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in Fairford with an extended lease were worth £171,800. The average amount of ground rent was £55 invoiced every twelve months. The lease ran out on 28 July 2076. Having 50 years remaining we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 plus costs.