Gnosall leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in Gnosall will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Gnosall can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 procuring Gnosall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aiden was the the leasehold owner of a 2 bedroom apartment in Gnosall being marketed with a lease of a few days over fifty eight years outstanding. Aiden on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Aiden to invoke his statutory right. Aiden obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
Last year we were phoned by Ms Y Clark , who purchased a first floor flat in Gnosall in January 2006. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar residencies in Gnosall with 100 year plus lease were valued about £205,000. The mid-range ground rent payable was £50 billed yearly. The lease termination date was in 2104. Taking into account 79 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £7,600 and £8,800 exclusive of fees.
In 2014 we were phoned by Mrs Stephanie Roux who, having was assigned a lease of a ground floor flat in Gnosall in May 1998. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Identical properties in Gnosall with a long lease were in the region of £270,000. The average amount of ground rent was £65 invoiced quarterly. The lease expiry date was on 9 October 2093. Given that there were 68 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.