As the the remaining lease term of a Gedling residential lease decreases so does its value and therefore the value of your property. If the lease has, more than 100 years remaining then this decrease may be negligible however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Gedling will meet the qualifying criteria; however a conveyancing solicitor can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Gedling with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Leeds Building Society | |
| TSB | |
| Virgin |
The conveyancers that we work with procure Gedling 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.
Last Summer Theo, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Gedling. Having purchased his property two decades ago, the unexpired term was of minimal concern. Fortunately, he noticed he needed to take steps soon on a lease extension. Theo extended the lease at the eleventh hour last August. Theo and the landlord who owned the flat above ultimately agreed on the final figure of £6,000 . If he failed to meet the deadline, the figure would have gone up by a minimum £850.
Mr and Mrs. T Rodríguez was assigned a lease of a one bedroom flat in Gedling in March 1998. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Gedling with a long lease were worth £257,800. The mid-range ground rent payable was £65 collected yearly. The lease expiry date was in 2091. Having 65 years left we calculated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus expenses.
Last Spring we were approach by Mr and Mrs. J Simon , who bought a one bedroom flat in Gedling in May 1997. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Gedling with 100 year plus lease were valued around £191,400. The average amount of ground rent was £55 invoiced every twelve months. The lease termination date was in 2080. Taking into account 54 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 plus expenses.