Why you should commence your Filton lease extension

Why you should start your Filton lease extension today:

Increase your lease and increase your Filton property value

The value of Filton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may decide not to finance a property with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Filton property becoming difficult to sell or to obtain finance on.

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

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

Filton Lease Extension Example Cases:

Ethan, Filton, Bristol,

Ethan was the the leasehold owner of a conversion apartment in Filton being sold with a lease of a little over fifty eight years outstanding. Ethan informally approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Filton case:

In 2013 we were contacted by Ms Tia Moore who, having bought a one bedroom flat in Filton in March 2009. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar flats in Filton with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced annually. The lease elapsed on 9 March 2099. Given that there were 73 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.

Filton case:

Mr Lucas Khan owned a one bedroom apartment in Filton in November 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Identical properties in Filton with an extended lease were in the region of £264,000. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed on 28 March 2079. Having 53 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of costs.