Top reasons for Fairford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fairford property value

Unfortunately that a Fairford residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Fairford property market.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be due. Most leasehold owners in Fairford will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not loan monies with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as inadequate for lending purposes.

What makes us experts in Fairford lease extensions?

Retaining our service gives you enhanced control over the value of your Fairford leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Fairford Lease Extension Example Cases:

David, Fairford, Gloucestershire,

David was the the leasehold owner of a conversion flat in Fairford being marketed with a lease of a few days over fifty eight years outstanding. David informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were David to exercise his statutory right. David procured expert legal guidance and secured satisfactory resolution informally and sell the flat.

Fairford case:

Mr C Cox bought a one bedroom apartment in Fairford in September 1998. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative residencies in Fairford with an extended lease were valued about £189,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease terminated in 2079. Having 53 years unexpired we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.

Fairford case:

In 2009 we were phoned by Mr P Thomas who, having moved into a first floor apartment in Fairford in July 1996. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Identical homes in Fairford with 100 year plus lease were valued around £290,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease lapsed on 8 February 2099. Given that there were 73 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.