Main reasons to commence your Fairford lease extension

Top reasons for lease extension now:

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

Fairford leases on domestic properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Fairford will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.

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

Leasehold residencies in Fairford with in excess of 100 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 to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property with a short lease

Lenders do not like short residential leases. You are likely to encounter problems where you want to sell your flat in Fairford if the unexpired term of your lease is less than the criteria set by most lenders. Different mortgage companies have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Fairford?

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

Fairford Lease Extension Example Cases:

Hugo, Fairford, Gloucestershire,

Hugo was the the leasehold proprietor of a conversion flat in Fairford being sold with a lease of just over 59 years remaining. Hugo on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hugo to exercise his statutory right. Hugo obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

Fairford case:

Mr and Mrs. U Lewis acquired a first floor apartment in Fairford in November 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical premises in Fairford with a long lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease elapsed in 2095. Having 69 years unexpired we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.

Fairford case:

In 2011 we were called by Dr Michael Dupont who, having moved into a recently refurbished flat in Fairford in August 1999. The question was if we could estimate the premium would be for a 90 year lease extension. Similar residencies in Fairford with a long lease were worth £216,000. The mid-range ground rent payable was £60 collected yearly. The lease ended in 2084. Given that there were 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 plus fees.