Top reasons for Gatley lease extension

Top reasons for lease extension now:

A Gatley leasehold property depreciates with the years remaining on the lease.

Gatley leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Gatley will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are also strict timetables and formalities to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is likely that someone intending to buy your property in the future might well do, so if they can't get a mortgage, then the value of the property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Gatley lease extension solicitors or enfranchisement solicitors

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

Gatley Lease Extension Case Summaries:

Zoe, Gatley, Greater Manchester,

After unsuccessful discussions with the landlord of her basement apartment in Gatley, Zoe initiated the lease extension process as the eighty year threshold was fast nearing. The legal work completed in March 2008. The freeholder’s fees were restricted to slightly above 500 GBP.

Gatley case:

Mr and Mrs. F Scott bought a purpose-built apartment in Gatley in November 2007. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Gatley with 100 year plus lease were in the region of £208,600. The mid-range amount of ground rent was £60 billed per annum. The lease ran out on 17 April 2083. Considering the 57 years left we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.

Gatley case:

Last Summer we were called by Mr and Mrs. R Díaz , who purchased a first floor apartment in Gatley in September 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar residencies in Gatley with a long lease were valued around £200,000. The mid-range amount of ground rent was £50 invoiced annually. The lease concluded in 2103. Having 77 years remaining we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including legals.