Main reasons to commence your Frenchay Common lease extension

Why you should commence your Frenchay Common lease extension today:

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

On the balance of probabilities where you own a flat in Frenchay Common you actually own a long leasehold interest over your property

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

Leasehold residencies in Frenchay Common with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not issue a mortgage on a short lease

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

Regardless of whether you are a tenant or a landlord in Frenchay Common,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Frenchay Common valuers.

Frenchay Common Lease Extension Example Cases:

Andrew, Frenchay Common, Bristol,

Andrew was the the leasehold owner of a high value flat in Frenchay Common being marketed with a lease of fraction over 61 years outstanding. Andrew informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Andrew to invoke his statutory right. Andrew procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Frenchay Common case:

Mr and Mrs. T Brooks moved into a ground floor apartment in Frenchay Common in June 1999. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Frenchay Common with an extended lease were in the region of £203,200. The mid-range amount of ground rent was £65 billed yearly. The lease elapsed on 5 November 2087. Taking into account 61 years remaining we calculated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus fees.

Frenchay Common case:

Dr Megan Leroy purchased a one bedroom flat in Frenchay Common in June 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical properties in Frenchay Common with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected quarterly. The lease elapsed in 2097. Given that there were 71 years remaining we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.