Why you should commence your Frenchay Common lease extension

Why you should start your Frenchay Common lease extension today:

Increase your lease and increase your Frenchay Common property value

Frenchay Common leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease dips lower than 80 years - otherwise a higher premium will be payable. Leasehold owners in Frenchay Common will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not qualify. There are prescribed timetables and steps to follow once the process is triggered so it’s best 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 over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Some will simply refuse lend at all once the residual lease term goes lower than a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Frenchay Common property.

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:

Anna, Frenchay Common, Bristol,

After protracted discussions with the landlord of her studio apartment in Frenchay Common, Anna initiated the lease extension process as the eighty year deadline was swiftly advancing. The lease extension completed in January 2013. The freeholder’s costs were kept to an absolute minimum.

Frenchay Common case:

Last Christmas we were e-mailed by Mr N Murphy , who completed a purpose-built flat in Frenchay Common in February 2008. The question was if we could approximate the premium would likely be to extend the lease by 90 years. Identical homes in Frenchay Common with a long lease were worth £285,000. The mid-range amount of ground rent was £55 collected yearly. The lease ended in 2106. Given that there were 80 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.

Frenchay Common case:

Last Spring we were contacted by Mr John Parker , who purchased a studio apartment in Frenchay Common in August 2005. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical residencies in Frenchay Common with an extended lease were worth £198,400. The mid-range ground rent payable was £65 billed per annum. The lease finished on 11 November 2085. Given that there were 59 years remaining we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of expenses.