Why you should commence your Gamston lease extension

Main reasons to start your Gamston lease extension today:

Increase your lease and increase your Gamston property value

The market value of a leasehold property in Gamston is impacted by how long the lease has left to run. If it is near to or fewer than eighty years you should envisage problems on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the lease extension process when the lease still has 82 years remaining so that formalities can be concluded prior to the eighty year cut off point. Current legislation enables Gamston qualifying lessees to a ninety year extension added to their unexpired lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

Gamston property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may not loan monies with a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Gamston if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Gamston lease extensions?

Regardless of whether you are a tenant or a freeholder in Gamston,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Gamston valuers.

Gamston Lease Extension Case Studies:

Seth, Gamston, Nottinghamshire

16 months ago Seth, started to get near to the 80-year mark with the lease on his one bedroom flat in Gamston. Having bought his property two decades ago, the lease term was of little relevance. Fortunately, he noticed he would imminently be paying way over the odds for Extending the lease. Seth extended the lease just in the nick of time last March. Seth and the freeholder via the management company eventually agreed on a premium of £6,000 . If the lease had descended lower than eighty years, the sum would have increased by a minimum £900.

Gamston case:

Last year we were phoned by Mr and Mrs. I Richardson , who acquired a recently refurbished apartment in Gamston in January 1997. The question was if we could approximate the price would likely be to extend the lease by ninety years. Identical flats in Gamston with an extended lease were worth £233,200. The average ground rent payable was £60 invoiced yearly. The lease expired in 2087. Given that there were 61 years unexpired we approximated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 not including fees.

Gamston case:

Last month we were phoned by Mr and Mrs. F Lambert , who owned a one bedroom flat in Gamston in July 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative homes in Gamston with an extended lease were valued around £166,800. The mid-range amount of ground rent was £50 collected yearly. The lease elapsed in 2076. Having 50 years unexpired we approximated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including fees.