When it comes to long leasehold premises in Frampton Cotterell, you are actually purchasing an entitlement to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Anyone in Frampton Cotterell with a lease drawing near to 81 years remaining should seriously consider extending it without delay. Once a lease has below eighty years outstanding, under the current Act the freeholder is entitled to calculate and charge a larger premium, assessed on a technical computation, known as “marriage value” which is payable.
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
|Bank of Scotland|| Minimum 70 years from the date of the mortgage.|
|Chelsea Building Society||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
|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. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
|Skipton Building Society|| 85 years from the date of completion of the mortgage|
For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Retaining our service gives you increased 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 wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her purpose-built apartment in Frampton Cotterell, Isabelle initiated the lease extension process just as her lease was coming close to the all-important 80-year mark. The transaction completed in June 2013. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. M Khan took over the lease of a ground floor apartment in Frampton Cotterell in April 2006. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative flats in Frampton Cotterell with a long lease were valued around £265,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease terminated on 13 September 2087. Considering the 66 years left we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of costs.
In 2011 we were phoned by Dr A Mercier who, having was assigned a lease of a garden apartment in Frampton Cotterell in June 2002. We are asked if we could estimate the price would be to prolong the lease by an additional years. Identical flats in Frampton Cotterell with a long lease were valued around £198,800. The average ground rent payable was £55 invoiced quarterly. The lease lapsed in 2076. Considering the 55 years unexpired we approximated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of costs.