Frenchay Common leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease drops under 80 years - otherwise a higher amount will be due. Leasehold owners in Frenchay Common will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not qualify. There are prescribed deadlines and steps to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Frenchay Common with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| 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. |
The conveyancing solicitors that we work with handle Frenchay Common 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 conveyancer we work with provide it.
14 months ago Rory, came perilously near to the eighty-year threshold with the lease on his basement apartment in Frenchay Common. In buying his home 18 years ago, the length of the lease was of minimal bearing. As luck would have it, he noticed he needed to take action soon on a lease extension. Rory arranged for a lease extension just ahead of time in April. Rory and the freeholder in the end agreed on the final figure of £6,000 . If the lease had gone lower than eighty years, the amount would have gone up by a minimum £1,000.
Mr and Mrs. I Morgan was assigned a lease of a one bedroom flat in Frenchay Common in September 1995. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar properties in Frenchay Common with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 collected yearly. The lease expiry date was on 20 May 2096. Having 70 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
Last Spring we were contacted by Dr Edward Nelson , who bought a first floor flat in Frenchay Common in July 2002. The question was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparative residencies in Frenchay Common with a long lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced per annum. The lease lapsed on 6 January 2076. Considering the 50 years unexpired we estimated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 exclusive of fees.