Frampton Cotterell leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls under eighty years - otherwise a higher premium will be payable. Flat owners in Frampton Cotterell will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
Lease extensions in Frampton Cotterell can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 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.
Subsequent to unsuccessful discussions with the freeholder of her garden flat in Frampton Cotterell, Ellen started the lease extension process as the 80 year threshold was swiftly advancing. The legal work was concluded in January 2007. The freeholder’s fees were negotiated to approximately four hundred pounds.
In 2011 we were contacted by Dr Kayleigh Sánchez who, having was assigned a lease of a first floor apartment in Frampton Cotterell in April 2011. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparative properties in Frampton Cotterell with a long lease were in the region of £208,600. The average amount of ground rent was £60 invoiced every twelve months. The lease lapsed on 18 September 2082. Having 57 years unexpired we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.
Last Christmas we were approach by Mrs Aimee Wright , who was assigned a lease of a studio flat in Frampton Cotterell in March 2007. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar flats in Frampton Cotterell with 100 year plus lease were in the region of £200,000. The mid-range ground rent payable was £50 billed quarterly. The lease elapsed in 2102. Having 77 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.