Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Glossop. Inevitably, the term of lease left reduces as time goes by. This may pass by relatively unnoticed when the flat or house needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Glossop have the legal entitlement to extend the lease for a further 90 years under statute. Do give due attention before putting off your Glossop lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension
Leasehold residencies in Glossop with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| TSB | |
| Virgin |
Lease extensions in Glossop can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Glossop lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Michael owned a 2 bedroom flat in Glossop being marketed with a lease of fraction over 72 years outstanding. Michael on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Michael to invoke his statutory right. Michael procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.
In 2010 we were phoned by Mr and Mrs. U Taylor who, having acquired a one bedroom flat in Glossop in October 2011. The question was if we could approximate the premium would be for a ninety year lease extension. Comparable premises in Glossop with an extended lease were in the region of £285,000. The average amount of ground rent was £55 billed annually. The lease lapsed on 7 April 2106. Considering the 80 years remaining we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.
Last Winter we were contacted by Dr A Hall , who completed a ground floor flat in Glossop in November 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar homes in Glossop with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 billed monthly. The lease ran out on 9 January 2086. Having 60 years outstanding we calculated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 plus expenses.