Frampton Cotterell leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Frampton Cotterell will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some situations you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service gives you increased control over the value of your Frampton Cotterell leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last year Harrison, started to get near to the 80-year mark with the lease on his leasehold apartment in Frampton Cotterell. Having purchased his property twenty years previously, the length of the lease was of no interest. Thankfully, he realised he needed to take steps soon on Extending the lease. Harrison extended the lease just under the wire in August. Harrison and the freeholder via the managing agents eventually settled on the final figure of £5,000 . If the lease had slipped to less than eighty years, the sum would have increased by a minimum £1,000.
In 2013 we were approached by Ms Zoe Evans who, having owned a one bedroom apartment in Frampton Cotterell in November 1995. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical flats in Frampton Cotterell with 100 year plus lease were in the region of £233,200. The average ground rent payable was £60 collected every twelve months. The lease lapsed in 2087. Considering the 61 years left we approximated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 not including professional charges.
Last Spring we were called by Mr and Mrs. I Brooks , who took over the lease of a ground floor flat in Frampton Cotterell in February 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Similar flats in Frampton Cotterell with an extended lease were worth £171,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease lapsed in 2076. Taking into account 50 years left we approximated the premium to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of fees.