Top reasons for Frenchay Common lease extension

Top reasons for lease extension now:

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

Frenchay Common leases on domestic deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Frenchay Common will usually qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.

Frenchay Common property with a lease extension is almost the same value as a freehold

Leasehold premises in Frenchay Common with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not grant a mortgage with a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term falls under a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Frenchay Common property.

What makes us experts in Frenchay Common lease extensions?

Using our service will provide you increased control over the value of your Frenchay Common leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Frenchay Common Lease Extension Case Summaries:

Isaac, Frenchay Common, Bristol,

Isaac was the the leasehold proprietor of a high value flat in Frenchay Common being marketed with a lease of a little over fifty eight years unexpired. Isaac informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Frenchay Common case:

Mr and Mrs. R Davies moved into a studio flat in Frenchay Common in September 2008. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in Frenchay Common with a long lease were in the region of £183,600. The average ground rent payable was £65 billed per annum. The lease ended in 2083. Given that there were 57 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.

Frenchay Common case:

Last Christmas we were phoned by Dr Georgia Bennett , who was assigned a lease of a ground floor flat in Frenchay Common in April 1998. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Similar homes in Frenchay Common with an extended lease were worth £242,600. The average ground rent payable was £45 billed monthly. The lease expired in 2093. Taking into account 67 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 not including costs.