Unfortunately that a Frampton Cotterell residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Frampton Cotterell property market.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher premium will be due. Most flat owners in Frampton Cotterell will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank |
Lease extensions in Frampton Cotterell can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.
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 a wealth of experience procuring 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.
Finn was the the leasehold proprietor of a studio flat in Frampton Cotterell on the market with a lease of a little over 59 years unexpired. Finn on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Finn to exercise his statutory right. Finn procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Last month we were called by Dr Chantelle Morris , who was assigned a lease of a one bedroom apartment in Frampton Cotterell in June 2007. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Similar flats in Frampton Cotterell with an extended lease were worth £225,800. The mid-range ground rent payable was £60 billed per annum. The lease ended in 2086. Taking into account 60 years remaining we estimated the premium to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of legals.
In 2014 we were called by Dr Alisha Thomas who, having owned a one bedroom flat in Frampton Cotterell in April 2009. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Similar flats in Frampton Cotterell with an extended lease were in the region of £210,000. The average ground rent payable was £50 billed monthly. The lease terminated on 13 February 2106. Having 80 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.