The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Gunnersbury can extend the lease for an additional ninety years under statute. Please think carefully before delaying your Gunnersbury lease extension. Postponing the costs now simply escalates the amount you will ultimately have to pay to extend the lease.
Leasehold properties in Gunnersbury with over 100 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 premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Using our service gives you better control over the value of your Gunnersbury leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of protracted negotiations with the freeholder of her ground floor apartment in Gunnersbury, Victoria started the lease extension process as the 80 year mark was swiftly approaching. The lease extension was concluded in July 2009. The landlord’s charges were negotiated to a tad over 700 pounds.
Mr and Mrs. S Morgan was assigned a lease of a recently refurbished apartment in Gunnersbury in November 1999. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative flats in Gunnersbury with 100 year plus lease were in the region of £203,200. The average amount of ground rent was £65 invoiced yearly. The lease expiry date was in 2087. Having 61 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 not including legals.
An example of a Freehold Enfranchisement decision for a Gunnersbury flat is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 64.64 years.