Unfortunately that a Gaydon residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Gaydon property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining slips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Gaydon will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold properties in Gaydon with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Leeds Building Society | |
| Virgin |
Lease extensions in Gaydon can be a difficult process. We recommend you get guidance 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 a wealth of experience dealing with Gaydon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Aaron, came precariously close to the 80-year threshold with the lease on his leasehold apartment in Gaydon. In buying his flat twenty years ago, the unexpired term was of little concern. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Aaron arranged for a lease extension just under the wire last March. Aaron and the landlord subsequently settled on a premium of £5,500 . If he had missed the deadline, the sum would have increased by at least £850.
In 2010 we were contacted by Mr and Mrs. S Norbert who, having moved into a first floor apartment in Gaydon in February 2001. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar properties in Gaydon with a long lease were in the region of £254,200. The average ground rent payable was £60 collected yearly. The lease concluded on 10 April 2077. Taking into account 51 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of legals.
Dr R Morel took over the lease of a basement apartment in Gaydon in June 2010. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Gaydon with a long lease were worth £210,600. The average amount of ground rent was £45 billed monthly. The lease lapsed in 2088. Considering the 62 years left we calculated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 not including fees.