Top reasons for Frampton on Severn lease extension

Top reasons for lease extension now:

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

The market value of Frampton on Severn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Frampton on Severn with over 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 situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to grant a mortgage with a short lease

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

Regardless of whether you are a tenant or a landlord in Frampton on Severn,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Frampton on Severn valuers.

Frampton on Severn Lease Extension Case Studies:

Elizabeth, Frampton on Severn, Gloucestershire,

Subsequent to unsuccessful negotiations with the freeholder of her one bedroom flat in Frampton on Severn, Elizabeth commenced the lease extension process as the 80 year mark was swiftly coming. The lease extension was concluded in April 2015. The landlord’s fees were negotiated to about 600 GBP.

Frampton on Severn case:

In 2012 we were contacted by Mr Adam Stewart who, having bought a first floor apartment in Frampton on Severn in September 2004. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable flats in Frampton on Severn with a long lease were in the region of £285,000. The average ground rent payable was £45 invoiced every twelve months. The lease elapsed in 2097. Having 71 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus fees.

Frampton on Severn case:

In 2011 we were phoned by Mr Theo Patel who, having completed a basement flat in Frampton on Severn in August 2005. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative premises in Frampton on Severn with an extended lease were valued around £225,800. The mid-range ground rent payable was £60 collected yearly. The lease ran out in 2086. Taking into account 60 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £23,800 and £27,400 not including costs.