When it comes to domestic leasehold property in Gamlingay, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years left. Residents in Gamlingay with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When a lease has fewer than eighty years left, under the current legislation the landlord can calculate and levy a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with over 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 property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| National Westminster Bank | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Gamlingay can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
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 dealing with Gamlingay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harvey owned a studio apartment in Gamlingay on the market with a lease of just over sixty years left. Harvey informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Harvey to invoke his statutory right. Harvey procured expert advice and secured an acceptable resolution informally and ending up with a market value flat.
Ms D Gunderson was assigned a lease of a garden flat in Gamlingay in April 2001. The question was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Identical flats in Gamlingay with an extended lease were worth £215,600. The mid-range ground rent payable was £45 billed quarterly. The lease terminated on 19 October 2088. Taking into account 62 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 plus professional charges.
Last month we were phoned by Mr S Leroy , who acquired a basement flat in Gamlingay in April 2001. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative flats in Gamlingay with a long lease were worth £265,000. The average ground rent payable was £50 billed annually. The lease end date was in 2099. Having 73 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.