Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Frampton Cotterell. Inevitably, the length of lease left reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Frampton Cotterell have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. You should give due consideration before putting off your Frampton Cotterell lease extension. Putting off that expense now simply increases the price you will ultimately incur for a lease extension
Leasehold properties in Frampton Cotterell with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland |
Engaging our service will provide you enhanced control over the value of your Frampton Cotterell leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Harrison owned a conversion apartment in Frampton Cotterell being sold with a lease of a little over 59 years outstanding. Harrison informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Harrison to exercise his statutory right. Harrison procured expert legal guidance and secured an acceptable resolution informally and sell the property.
Last Spring we were phoned by Mr and Mrs. S Mitchell , who completed a basement flat in Frampton Cotterell in September 2005. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar homes in Frampton Cotterell with a long lease were in the region of £300,000. The average amount of ground rent was £50 collected annually. The lease lapsed in 2102. Given that there were 76 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.
Last Christmas we were approach by Dr A Wright , who bought a one bedroom flat in Frampton Cotterell in June 2012. The question was if we could estimate the premium would be for a ninety year lease extension. Identical homes in Frampton Cotterell with a long lease were valued around £257,800. The average amount of ground rent was £65 collected monthly. The lease ended on 14 November 2091. Considering the 65 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of legals.