The only way is down when it comes to Gaydon lease terms. Gaydon leaseholds that have a remaining term less than than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will rise.
Leasehold premises in Gaydon with over 100 years remaining on the lease are sometimes 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 reversionary interest unless savings on ground rent and service 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
The lawyers that we work with procure Gaydon 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 lawyer we work with provide it.
In 2014 Zachary, started to get near to the 80-year threshold with the lease on his one bedroom flat in Gaydon. In buying his property two decades ago, the unexpired term was of little concern. Fortunately, he realised he needed to take steps soon on Extending the lease. Zachary was able to extend his lease just under the wire last September. Zachary and the freeholder via the managing agents eventually agreed on an amount of £5,000 . If he not met the deadline, the amount would have increased by at least £875.
Mrs J González purchased a one bedroom apartment in Gaydon in March 2005. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative premises in Gaydon with an extended lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease concluded on 21 September 2079. Given that there were 54 years unexpired we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of costs.
Mr and Mrs. I Hernández was assigned a lease of a one bedroom flat in Gaydon in April 2011. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Identical flats in Gaydon with a long lease were in the region of £227,800. The average amount of ground rent was £45 invoiced monthly. The lease lapsed on 3 March 2090. Having 65 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.