The only way is down when it comes to Fairford lease terms. Fairford properties that have a residual term less than than eighty years will de-escalate in market price even faster, and the cost of extending your lease will go up.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Halifax | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Fairford can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 in-depth market knowledge dealing with Fairford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Liam owned a conversion flat in Fairford on the market with a lease of fraction over sixty years remaining. Liam informally spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Liam to invoke his statutory right. Liam procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Mr Max Thomas purchased a ground floor flat in Fairford in March 1998. We are asked if we could approximate the premium could be to extend the lease by 90 years. Identical properties in Fairford with 100 year plus lease were valued around £210,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease ran out in 2106. Given that there were 80 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.
Last Christmas we were contacted by Dr B Harris , who took over the lease of a first floor flat in Fairford in November 2008. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Similar homes in Fairford with an extended lease were in the region of £280,000. The average ground rent payable was £45 collected monthly. The lease expiry date was on 19 June 2095. Given that there were 69 years remaining we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.