Main reasons to start your Frome lease extension

Top reasons for lease extension now:

A Frome lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Frome. Inevitably, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Eligible long lease owners in Frome have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. You should give careful attention before delaying your Frome lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

What makes us experts in Frome lease extensions?

Lease extensions in Frome can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.

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 dealing with Frome lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Frome Lease Extension Case Summaries:

Kirsty, Frome, Somerset,

Off the back of unsuccessful discussions with the freeholder of her two bedroom apartment in Frome, Kirsty initiated the lease extension process as the 80 year mark was fast advancing. The legal work completed in August 2014. The landlord’s costs were kept to an absolute minimum.

Frome case:

Last Winter we were called by Dr Eli Martinez , who moved into a purpose-built flat in Frome in September 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Comparable residencies in Frome with a long lease were valued around £267,600. The mid-range amount of ground rent was £65 invoiced per annum. The lease terminated in 2093. Given that there were 67 years as a residual term we approximated the premium to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of legals.

Frome case:

In 2013 we were called by Mr and Mrs. W Richardson who, having acquired a basement flat in Frome in June 2001. We are asked if we could estimate the price could be for a 90 year lease extension. Comparable properties in Frome with a long lease were in the region of £206,200. The average ground rent payable was £60 billed quarterly. The lease came to a finish on 27 November 2082. Having 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.