There is no doubt about it a leasehold flat or house in Frenchay Common is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 125 years remaining then this decrease may be negligible however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner than later. Most flat owners in Frenchay Common will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Frenchay Common with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB |
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.
Last Autumn Zachary, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Frenchay Common. Having purchased his flat two decades ago, the unexpired term was of no importance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Zachary arranged for a lease extension just ahead of time in September. Zachary and the landlord who owned the flat above in the end settled on a premium of £6,000 . If he not met the deadline, the figure would have increased by at least £1,150.
Mr and Mrs. E Lambert purchased a basement flat in Frenchay Common in August 2007. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Frenchay Common with an extended lease were in the region of £250,000. The average ground rent payable was £50 invoiced yearly. The lease expired on 4 October 2095. Considering the 69 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.
Last Summer we were contacted by Mr R Dupont , who took over the lease of a one bedroom apartment in Frenchay Common in October 1996. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparable homes in Frenchay Common with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease came to a finish in 2106. Given that there were 80 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.