With a domestic leasehold property in Gaydon, you are actually purchasing a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than eighty years remaining. Residents in Gaydon with a lease drawing near to 81 years left should seriously think of extending it without delay. Once a lease has fewer than 80 years outstanding, under the relevant statute the freeholder can calculate and levy a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Gaydon can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge procuring Gaydon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Teddy owned a high value apartment in Gaydon on the market with a lease of a few days over sixty years outstanding. Teddy on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Teddy to exercise his statutory right. Teddy procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
Last Summer we were phoned by Ms Lydia Collins , who completed a basement flat in Gaydon in July 2002. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical homes in Gaydon with an extended lease were valued around £218,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease ended in 2089. Having 63 years remaining we calculated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of professional charges.
Last Summer we were e-mailed by Ms Naomi Brown , who took over the lease of a recently refurbished flat in Gaydon in June 2008. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar premises in Gaydon with an extended lease were worth £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease expired in 2100. Given that there were 74 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.