The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Gants Hill have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Gants Hill lease extension. Putting off that expense now simply escalates the amount you will ultimately be required to pay to extend the lease.
Leasehold properties in Gants Hill with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancers that we work with handle Gants Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
In the wake of 6 months of lengthy discussions with the freeholder of her one bedroom apartment in Gants Hill, Daisy commenced the lease extension process as the 80 year threshold was swiftly nearing. The transaction was concluded in January 2015. The landlord’s costs were negotiated to slightly above four hundred pounds.
In 2009 we were phoned by Mr Finn André who, having bought a first floor flat in Gants Hill in November 1995. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Identical properties in Gants Hill with a long lease were worth £275,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease lapsed on 1 October 2093. Considering the 68 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.
An example of a Freehold Enfranchisement case for a Gants Hill residence is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The unexpired residue of the current lease was 65 and 61.