Frenchay leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Frenchay residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Frenchay you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| The Mortgage Works |
Lease extensions in Frenchay can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Frenchay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aiden was the the leasehold owner of a studio flat in Frenchay on the market with a lease of just over 59 years left. Aiden informally spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Aiden to exercise his statutory right. Aiden procured expert advice and secured satisfactory resolution informally and readily saleable.
Last Summer we were approach by Mr and Mrs. K Green , who took over the lease of a one bedroom flat in Frenchay in March 2000. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Similar premises in Frenchay with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease came to a finish on 23 September 2097. Having 71 years left we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including expenses.
In 2011 we were phoned by Dr A Gómez who, having moved into a garden flat in Frenchay in September 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Frenchay with an extended lease were valued about £225,800. The average amount of ground rent was £60 collected per annum. The lease finished on 4 April 2086. Considering the 60 years outstanding we estimated the premium to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of professional charges.