Frampton Cotterell leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Frampton Cotterell tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Frampton Cotterell you must see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works |
Lease extensions in Frampton Cotterell can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge 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.
During the course of the last few months Jamie, came perilously close to the 80-year threshold with the lease on his two bedroom apartment in Frampton Cotterell. Having bought his property two decades ago, the unexpired term was of minimal importance. by good luck, he noticed he would soon be paying an escalated premium for Extending the lease. Jamie extended the lease at the eleventh hour in January. Jamie and the freeholder subsequently settled on sum of £5,500 . If he had missed the deadline, the price would have escalated by at least £1,025.
Last Winter we were e-mailed by Ms Ellen Lefèvre , who was assigned a lease of a one bedroom apartment in Frampton Cotterell in March 2005. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Identical flats in Frampton Cotterell with 100 year plus lease were valued around £210,000. The average ground rent payable was £50 billed per annum. The lease came to a finish on 7 July 2106. Given that there were 80 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.
Last year we were e-mailed by Mr and Mrs. L Evans , who acquired a studio flat in Frampton Cotterell in October 1999. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Similar premises in Frampton Cotterell with 100 year plus lease were valued about £275,000. The average amount of ground rent was £45 invoiced per annum. The lease elapsed in 2095. Having 69 years remaining we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.