Main reasons to commence your Frenchay Common lease extension

Top reasons for lease extension now:

A Frenchay Common leasehold property depreciates with the years remaining on the lease.

Frenchay Common leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Frenchay Common will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In certain cases you may not qualify. There are also strict timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.

Frenchay Common property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders will not finance a property on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Frenchay Common home.

Why use us for your lease extension in Frenchay Common?

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 lawyer we work with provide it.

Frenchay Common Lease Extension Case Summaries:

Francesca, Frenchay Common, Bristol,

Off the back of lengthy correspondence with the freeholder of her purpose-built apartment in Frenchay Common, Francesca initiated the lease extension process as the eighty year mark was rapidly approaching. The lease extension was finalised in February 2015. The landlord’s costs were negotiated to slightly above 700 pounds.

Frenchay Common case:

In 2012 we were approached by Mrs S Petit who, having was assigned a lease of a recently refurbished flat in Frenchay Common in July 1998. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Frenchay Common with 100 year plus lease were valued about £227,800. The mid-range ground rent payable was £45 invoiced quarterly. The lease came to a finish on 25 November 2091. Given that there were 65 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.

Frenchay Common case:

Last Christmas we were approach by Mr and Mrs. N Petit , who moved into a recently refurbished flat in Frenchay Common in January 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Similar premises in Frenchay Common with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed monthly. The lease concluded on 22 September 2102. Considering the 76 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.