Main reasons to commence your Frampton Cotterell lease extension

Top reasons for lease extension now:

A Frampton Cotterell leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Frampton Cotterell you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Almost all mortgage lenders insist on a lengthy amount of time remaining on any leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone wishing to buy your property in the future might well do, so where they can't secure a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Frampton Cotterell lease extensions?

Using our service will provide you enhanced control over the value of your Frampton Cotterell leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Frampton Cotterell Lease Extension Case Summaries:

Felix, Frampton Cotterell, Gloucestershire,

Felix owned a conversion flat in Frampton Cotterell on the market with a lease of a little over 59 years remaining. Felix informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.

Frampton Cotterell case:

Last Autumn we were contacted by Mr and Mrs. F Lee , who acquired a ground floor apartment in Frampton Cotterell in June 2010. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar homes in Frampton Cotterell with an extended lease were valued about £275,000. The mid-range amount of ground rent was £65 invoiced annually. The lease ran out in 2094. Taking into account 68 years unexpired we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.

Frampton Cotterell case:

Mr Felix Wright owned a ground floor apartment in Frampton Cotterell in March 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Identical residencies in Frampton Cotterell with an extended lease were in the region of £208,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease ended on 13 July 2083. Considering the 57 years outstanding we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of costs.