Main reasons to commence your Frampton Cotterell lease extension
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Why you should start your Frampton Cotterell lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/frampton-cotterell">Frampton Cotterell</a> property value </h4>
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Frampton Cotterell leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Frampton Cotterell will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
<h4>An extended lease has roughly the same value as a freehold</h4>
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Leasehold residencies in Frampton Cotterell with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it. <h4>Mortgage lenders will not issue a mortgage on a short lease</h4> The definition of a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This will be problematic once you come to sell or refinance your flat as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your purchaser will have to wait a couple of years before they can exercise the right to a a lease extension.
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<tr><th>Lender</th>
<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Coventry Building Society</td>
<td> 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.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Yorkshire Building Society</td>
<td> 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.
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Why use us for your lease extension in Frampton Cotterell? </h4>
<p> Irrespective of whether you are a tenant or a landlord in Frampton Cotterell,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Frampton Cotterell valuers.
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Frampton Cotterell Lease Extension Example Cases:
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<h5> Logan, Frampton Cotterell, Gloucestershire</h5>
<p> Last Winter Logan, started to get near to the eighty-year mark with the lease on his studio apartment in Frampton Cotterell. In buying his flat two decades ago, the lease term was of minimal relevance. As luck would have it, it dawned on him that he would imminently be paying way over the odds for a lease extension. Logan arranged for a lease extension just under the wire last June. Logan and the landlord eventually agreed on the final figure of £5,000 . If he not met the deadline, the sum would have gone up by at least £1,100.
<h5>Frampton Cotterell case:</h5>
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Last Summer we were contacted by Mr Jason Roberts , who
purchased a studio apartment in Frampton Cotterell in November 2002. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical premises in Frampton Cotterell with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 collected every twelve months. The lease elapsed in 2104. Having 78 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.
<h5>Frampton Cotterell case:</h5>
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In 2014 we were approached by Dr I Laurent who, having bought a basement apartment in Frampton Cotterell in February 2004. The question was if we could estimate the price could be for a 90 year extension to my lease. Identical properties in Frampton Cotterell with an extended lease were valued around £267,600. The average ground rent payable was £65 invoiced per annum. The lease ended in 2093. Having 67 years left we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of fees.
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