Main reasons to commence your Filton lease extension

Main reasons to commence your Filton lease extension today:

A Filton leasehold property depreciates with the years remaining on the lease.

Filton leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease dips lower than 80 years - otherwise a higher amount will be due. Flat owners in Filton will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as insufficient security.

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

Lease extensions in Filton can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Filton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Filton Lease Extension Example Cases:

Catherine, Filton, Bristol,

In the wake of 9 months of protracted correspondence with the landlord of her purpose-built apartment in Filton, Catherine initiated the lease extension process just as her lease was nearing the crucial 80-year threshold. The transaction was finalised in October 2014. The landlord’s costs were restricted to a tad over 600 pounds.

Filton case:

Mr and Mrs. N Fournier took over the lease of a studio flat in Filton in April 1996. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable flats in Filton with an extended lease were valued about £183,600. The average amount of ground rent was £65 billed every twelve months. The lease ended on 15 February 2083. Given that there were 57 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of costs.

Filton case:

In 2013 we were called by Mrs R Rivera who, having owned a purpose-built apartment in Filton in July 2001. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Comparative homes in Filton with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended in 2094. Considering the 68 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.