Why you should start your Frampton Cotterell lease extension

Why you should start your Frampton Cotterell lease extension today:

Increase your lease and increase your Frampton Cotterell property value

Chances are that where you own a flat in Frampton Cotterell you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Frampton Cotterell with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Frampton Cotterell were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Get in touch with one of our Frampton Cotterell lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Frampton Cotterell lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Frampton Cotterell Lease Extension Example Cases:

Nicole, Frampton Cotterell, Gloucestershire,

In the wake of 9 months of protracted discussions with the landlord of her two bedroom apartment in Frampton Cotterell, Nicole started the lease extension process as the eighty year deadline was fast coming. The legal work was finalised in May 2005. The freeholder’s costs were negotiated to less than 600 pounds.

Frampton Cotterell case:

Last Summer we were approach by Mrs H Davis , who was assigned a lease of a ground floor flat in Frampton Cotterell in May 2012. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical properties in Frampton Cotterell with 100 year plus lease were worth £250,400. The average ground rent payable was £65 billed per annum. The lease finished on 13 June 2090. Taking into account 64 years outstanding we calculated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of costs.

Frampton Cotterell case:

Last April we were e-mailed by Ms G Martinez , who purchased a first floor apartment in Frampton Cotterell in April 1996. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparative residencies in Frampton Cotterell with 100 year plus lease were in the region of £189,000. The mid-range amount of ground rent was £55 billed annually. The lease terminated in 2079. Having 53 years outstanding we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus expenses.