Gatley leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Gatley will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Gatley 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Gatley can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in lease extensions.
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 Gatley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Reuben, came critically near to the 80-year threshold with the lease on his first floor apartment in Gatley. In buying his flat twenty years previously, the lease term was of minimal significance. Fortunately, he noticed he needed to take steps soon on Extending the lease. Reuben extended the lease at the eleventh hour last March. Reuben and the freeholder via the management company ultimately settled on an amount of £5,000 . If the lease had slipped lower than 80 years, the premium would have gone up by a minimum £925.
Mrs C Khan purchased a recently refurbished apartment in Gatley in September 1996. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative residencies in Gatley with a long lease were worth £300,000. The average amount of ground rent was £50 billed per annum. The lease end date was in 2102. Given that there were 76 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.
Mr and Mrs. T Flores acquired a ground floor apartment in Gatley in March 2001. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar properties in Gatley with a long lease were valued around £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease concluded on 7 March 2091. Taking into account 65 years outstanding we calculated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus legals.