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Top reasons for Frampton Cotterell lease extension


Top reasons for lease extension now:

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

The nearer a domestic lease in Frampton Cotterell nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner rather than later. The majority of flat owners in Frampton Cotterell will qualify for this right; that being said a conveyancer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Frampton Cotterell with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not grant a mortgage on a short lease

Many banks and building societies will not lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Frampton Cotterell property being difficult to sell or to obtain finance on.

Lender Requirement
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Frampton Cotterell lease extensions?

Irrespective of whether you are a tenant or a freeholder in Frampton Cotterell,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Frampton Cotterell valuers.

Frampton Cotterell Lease Extension Example Cases:

Finn, Frampton Cotterell, Gloucestershire

Last year Finn, came very close to the eighty-year threshold with the lease on his studio flat in Frampton Cotterell. In buying his home 19 years previously, the lease term was of no interest. by good luck, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Finn arranged for a lease extension just in the nick of time in August. Finn and the freeholder via the managing agents eventually settled on the final figure of £5,000 . If the lease had dropped to less than 80 years, the sum would have gone up by at least £1,150.

Frampton Cotterell case:

Last Spring we were contacted by Dr Riley Kelly , who acquired a ground floor flat in Frampton Cotterell in June 1997. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Frampton Cotterell with a long lease were in the region of £184,000. The average amount of ground rent was £55 billed quarterly. The lease expiry date was in 2077. Considering the 53 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus legals.

Frampton Cotterell case:

Last Summer we were phoned by Mr R Davies , who owned a first floor apartment in Frampton Cotterell in May 1999. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Similar flats in Frampton Cotterell with an extended lease were worth £290,000. The average ground rent payable was £45 collected monthly. The lease finished in 2097. Taking into account 73 years left we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.