Top reasons for Gilberdyke lease extension

Main reasons to start your Gilberdyke lease extension today:

A Gilberdyke leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

Leasehold premises in Gilberdyke with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders will not lend on a short lease

Mortgage companies are really restricting their approach as regards to properties in Gilberdyke with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing the number of potential buyers.

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

The conveyancing solicitors that we work with undertake Gilberdyke 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 lawyer we work with provide it.

Gilberdyke Lease Extension Case Summaries:

Michael, Gilberdyke, East Yorkshire,

Michael owned a conversion apartment in Gilberdyke on the market with a lease of a few days over 72 years left. Michael informally approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Michael to invoke his statutory right. Michael procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Gilberdyke case:

Last May we were contacted by Mr Dexter Robinson , who acquired a ground floor flat in Gilberdyke in July 1998. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Gilberdyke with a long lease were valued about £295,000. The average ground rent payable was £45 billed yearly. The lease expiry date was on 13 March 2101. Having 75 years left we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.

Gilberdyke case:

Last Winter we were called by Mr and Mrs. J Bonnet , who moved into a one bedroom flat in Gilberdyke in October 1998. The dilemma was if we could estimate the premium could be for a 90 year lease extension. Identical residencies in Gilberdyke with a long lease were valued around £250,400. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ran out on 25 October 2090. Given that there were 64 years left we calculated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 plus professional charges.