Top reasons for Filton lease extension

Main reasons to start your Filton lease extension today:

Increase your lease and increase your Filton property value

Filton leases on domestic properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Filton will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and steps to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Filton with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders will not issue a mortgage on a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls under a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Filton home.

What makes us experts in Filton lease extensions?

Engaging our service gives you enhanced control over the value of your Filton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Filton Lease Extension Case Studies:

Max, Filton, Bristol

Last October Max, came precariously close to the 80-year threshold with the lease on his leasehold apartment in Filton. Having purchased his home two decades ago, the length of the lease was of little significance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Max extended the lease just under the wire last May. Max and the freeholder via the management company subsequently settled on an amount of £5,500 . If the lease had dipped to less than 80 years, the premium would have escalated by a minimum £1,000.

Filton case:

Dr Ethan Cox completed a one bedroom apartment in Filton in March 2007. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Similar homes in Filton with an extended lease were valued about £208,200. The average ground rent payable was £65 invoiced yearly. The lease concluded on 19 October 2087. Taking into account 61 years as a residual term we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of fees.

Filton case:

Dr Jasmine André bought a one bedroom apartment in Filton in June 2007. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Similar flats in Filton with a long lease were in the region of £260,000. The average ground rent payable was £50 billed monthly. The lease expired in 2098. Having 72 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.