Top reasons for Frampton on Severn lease extension

Why you should commence your Frampton on Severn lease extension today:

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

Chances are that if you own a flat in Frampton on Severn you actually own a long leasehold interest over your property

Frampton on Severn property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Frampton on Severn with over one hundred years remaining on the lease are sometimes 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 purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic when you need to market or remortgage your property as it will be effectively unmortgageable. Even though you may have no imminent plan to sell but when you do your purchaser must hold off for two years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Frampton on Severn?

Retaining our service will provide you enhanced control over the value of your Frampton on Severn leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Frampton on Severn Lease Extension Example Cases:

Andrew, Frampton on Severn, Gloucestershire

Last year Andrew, came perilously close to the 80-year threshold with the lease on his basement apartment in Frampton on Severn. Having purchased his flat two decades ago, the unexpired term was of no interest. Luckily, he recognised he would imminently be paying an escalated premium for a lease extension. Andrew arranged for a lease extension just ahead of time in June. Andrew and the freeholder eventually settled on sum of £5,000 . If the lease had dropped below 80 years, the figure would have gone up by a minimum £900.

Frampton on Severn case:

In 2012 we were approached by Dr E Roux who, having purchased a ground floor flat in Frampton on Severn in June 2000. The question was if we could approximate the price would be for a 90 year lease extension. Similar homes in Frampton on Severn with a long lease were worth £267,600. The average ground rent payable was £65 invoiced every twelve months. The lease termination date was on 3 October 2093. Given that there were 67 years outstanding we estimated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including fees.

Frampton on Severn case:

Mr F Díaz acquired a garden apartment in Frampton on Severn in August 2000. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparative homes in Frampton on Severn with 100 year plus lease were worth £201,200. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded in 2082. Taking into account 56 years remaining we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of expenses.