With a residential leasehold premises in Gnosall, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably when there are fewer than 80 years remaining. Residents in Gnosall with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. Once the lease term has below eighty years remaining, under the relevant Act the landlord can calculate and levy a larger amount, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold residencies in Gnosall with more than one hundred years remaining 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 premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Gnosall can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge 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.
Riley was the the leasehold proprietor of a studio apartment in Gnosall on the market with a lease of a little over 72 years outstanding. Riley informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Riley to invoke his statutory right. Riley obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.
Last May we were called by Mr and Mrs. I Carter , who was assigned a lease of a purpose-built apartment in Gnosall in March 2009. The question was if we could approximate the price could be for a ninety year lease extension. Comparative premises in Gnosall with an extended lease were worth £285,000. The mid-range ground rent payable was £45 billed every twelve months. The lease elapsed in 2097. Taking into account 72 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.
Dr Connor Martin owned a one bedroom apartment in Gnosall in January 2012. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Gnosall with an extended lease were valued around £233,200. The average amount of ground rent was £60 collected quarterly. The lease finished in 2086. Taking into account 61 years left we calculated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 not including expenses.