For those whose Gunnersbury property is held on a long lease, our message is clear – if you do nothing, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Gunnersbury can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 in-depth market knowledge procuring Gunnersbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jake owned a studio apartment in Gunnersbury on the market with a lease of a few days over fifty eight years outstanding. Jake informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Jake to exercise his statutory right. Jake obtained expert advice and was able to make an informed decision and deal with the matter and sell the flat.
Mr and Mrs. F Morel purchased a first floor flat in Gunnersbury in June 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar flats in Gunnersbury with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 invoiced yearly. The lease lapsed in 2088. Taking into account 62 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of professional charges.
An example of a Freehold Enfranchisement case for a Gunnersbury premises 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 unexpired lease term was 64.64 years.