Main reasons to commence your Frampton Cotterell lease extension

Top reasons for lease extension now:

A Frampton Cotterell leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Frampton Cotterell you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will be problematic as and when you need to dispose of or remortgage your property as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer will need to wait two years before they can exercise the right to a a lease extension.

What makes us experts in Frampton Cotterell lease extensions?

Lease extensions in Frampton Cotterell can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 Frampton Cotterell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Frampton Cotterell Lease Extension Case Summaries:

Ben, Frampton Cotterell, Gloucestershire

Two years ago Ben, came perilously near to the 80-year threshold with the lease on his leasehold apartment in Frampton Cotterell. Having purchased his home 18 years ago, the lease term was of minimal concern. Luckily, he became aware that he needed to take action soon on a lease extension. Ben extended the lease just under the wire last September. Ben and the landlord eventually settled on an amount of £5,500 . If he not met the deadline, the price would have escalated by a minimum £875.

Frampton Cotterell case:

Mr Joseph Anderson bought a newly refurbished apartment in Frampton Cotterell in August 2002. The question was if we could approximate the price would likely be to extend the lease by 90 years. Identical homes in Frampton Cotterell with 100 year plus lease were in the region of £285,000. The average ground rent payable was £45 collected quarterly. The lease expiry date was on 5 May 2098. Having 72 years remaining we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.

Frampton Cotterell case:

Last October we were phoned by Dr L Roberts , who bought a first floor apartment in Frampton Cotterell in August 2007. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable residencies in Frampton Cotterell with an extended lease were worth £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease finished in 2087. Having 61 years left we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 plus fees.