Top reasons for Frenchay Common lease extension

Main reasons to start your Frenchay Common lease extension today:

Increase your lease and increase your Frenchay Common property value

For those whose Frenchay Common flat is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Get in touch with one of our Frenchay Common lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure 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 conveyancing solicitor we work with provide it.

Frenchay Common Lease Extension Example Cases:

Lewis, Frenchay Common, Bristol,

Lewis owned a studio apartment in Frenchay Common being sold with a lease of a little over 59 years remaining. Lewis on an informal basis approached his freeholder being a well known London-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 £100 yearly. No ground rent would be due on a lease extension were Lewis to exercise his statutory right. Lewis procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Frenchay Common case:

Mr V Bell completed a garden flat in Frenchay Common in November 2007. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Frenchay Common with 100 year plus lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease expired on 5 November 2099. Considering the 73 years left we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.

Frenchay Common case:

In 2012 we were e-mailed by Dr Lewis Clark who, having owned a first floor apartment in Frenchay Common in January 2001. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Frenchay Common with 100 year plus lease were valued about £264,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended on 9 October 2079. Having 53 years outstanding we approximated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 not including expenses.