Main reasons to start your Gnosall lease extension

Main reasons to start your Gnosall lease extension today:

A Gnosall leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Gnosall. Inevitably, the length of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Gnosall have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Do give careful consideration before delaying your Gnosall lease extension. Putting off the cost now simply increases the price you will ultimately have to pay for a lease extension

Gnosall property with a lease extension is almost the same value as a freehold

Leasehold residencies in Gnosall with in excess of 100 years unexpired 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not finance a property with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the end of the mortgage. Considering many flats in Gnosall were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Gnosall?

The conveyancers that we work with procure Gnosall 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 conveyancing solicitor we work with provide it.

Gnosall Lease Extension Case Studies:

Megan, Gnosall, Staffordshire,

In the wake of eight months of lengthy negotiations with the landlord of her two bedroom apartment in Gnosall, Megan initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work was concluded in October 2005. The freeholder’s fees were kept to an absolute minimum.

Gnosall case:

In 2010 we were contacted by Dr Jayden Bernard who, having bought a one bedroom flat in Gnosall in April 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Gnosall with 100 year plus lease were in the region of £174,200. The average amount of ground rent was £55 collected every twelve months. The lease expired in 2077. Taking into account 51 years left we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus expenses.

Gnosall case:

Dr T Robinson completed a basement flat in Gnosall in October 1999. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Identical residencies in Gnosall with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 collected quarterly. The lease ran out on 21 January 2097. Having 71 years as a residual term we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.