Filton Lease Extension - Free Consultation

Before you progress with your lease extension in Filton
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Filton lease extension

Why you should start your Filton lease extension today:

Increase your lease and increase your Filton property value

Filton residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 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 residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Lenders are really restricting their approach as regards to homes in Filton with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of prospective buyers.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

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

The lawyers that we work with undertake Filton 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 conveyancer we work with provide it.

Filton Lease Extension Example Cases:

Nathaniel, Filton, Bristol,

Nathaniel was the the leasehold owner of a conversion apartment in Filton being marketed with a lease of a few days over fifty eight years remaining. Nathaniel informally approached his freeholder being a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Nathaniel to invoke his statutory right. Nathaniel obtained expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Filton case:

In 2009 we were called by Mr and Mrs. G Mitchell who, having purchased a first floor apartment in Filton in August 2012. The dilemma was if we could estimate the price would be to prolong the lease by a further 90 years. Similar properties in Filton with 100 year plus lease were worth £176,200. The mid-range ground rent payable was £65 collected annually. The lease concluded in 2080. Considering the 56 years outstanding we calculated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of fees.

Filton case:

Last Summer we were phoned by Mr Mason Michel , who bought a one bedroom apartment in Filton in September 2001. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative premises in Filton with a long lease were in the region of £242,600. The mid-range amount of ground rent was £45 invoiced yearly. The lease ran out in 2091. Having 67 years remaining we estimated the premium to the landlord to extend the lease to be between £11,400 and £13,200 not including legals.