As the length of the unexpired term of a Frampton Cotterell domestic lease decreases so does its value and therefore the value of your property. Where the lease has, beyond 125 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Frampton Cotterell will meet the qualifying criteria; that being said a conveyancer will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Frampton Cotterell with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service gives you better control over the value of your Frampton Cotterell leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful correspondence with the landlord of her first floor apartment in Frampton Cotterell, Sarah started the lease extension process as the eighty year deadline was rapidly advancing. The lease extension was finalised in February 2009. The landlord’s charges were negotiated to less than 500 pounds.
Last month we were approach by Ms Melissa Adams , who was assigned a lease of a garden apartment in Frampton Cotterell in April 1995. The question was if we could estimate the price could be for a 90 year lease extension. Identical premises in Frampton Cotterell with a long lease were worth £267,600. The average amount of ground rent was £65 billed yearly. The lease lapsed on 1 July 2093. Having 67 years remaining we estimated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of fees.
In 2014 we were contacted by Mr James Phillips who, having completed a basement flat in Frampton Cotterell in May 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical flats in Frampton Cotterell with 100 year plus lease were worth £206,200. The mid-range amount of ground rent was £55 collected per annum. The lease finished on 5 August 2082. Given that there were 56 years left we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of legals.