Glossop leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Flat owners in Glossop will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some cases you may not be entitled. There are prescribed timetables and steps to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service will provide you increased control over the value of your Glossop leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy discussions with the landlord of her first floor apartment in Glossop, Kate started the lease extension process just as the lease was approaching the critical 80-year threshold. The transaction was finalised in November 2015. The landlord’s charges were kept to an absolute minimum.
Last Winter we were contacted by Mr and Mrs. R Leroy , who acquired a newly refurbished flat in Glossop in March 2000. The question was if we could approximate the premium would be for a 90 year lease extension. Identical properties in Glossop with a long lease were worth £203,200. The mid-range amount of ground rent was £65 invoiced annually. The lease lapsed on 19 October 2087. Considering the 61 years remaining we estimated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of expenses.
Last Spring we were phoned by Mr V Cook , who acquired a purpose-built apartment in Glossop in January 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Glossop with an extended lease were worth £260,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired on 21 November 2098. Having 72 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.