Frampton Cotterell leases on residential deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Frampton Cotterell will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has started so it’s wise to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Lease extensions in Frampton Cotterell can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 procuring Frampton Cotterell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Isaac was the the leasehold proprietor of a 2 bedroom apartment in Frampton Cotterell being sold with a lease of just over 61 years left. Isaac informally approached his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.
In 2014 we were approached by Mr Alexander Cox who, having purchased a one bedroom flat in Frampton Cotterell in June 2007. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Comparable homes in Frampton Cotterell with 100 year plus lease were worth £295,000. The average amount of ground rent was £50 collected quarterly. The lease terminated on 21 June 2100. Considering the 75 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.
Mr and Mrs. T Bailey acquired a recently refurbished apartment in Frampton Cotterell in April 2003. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical premises in Frampton Cotterell with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 invoiced every twelve months. The lease came to a finish in 2089. Having 64 years remaining we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 not including professional charges.