Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Gnosall. Clearly, the period of lease left reduces over time. This may slip by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Gnosall have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Please give due consideration before putting off your Gnosall lease extension. Putting off the cost now simply increases the price you will ultimately incur to extend your lease
It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Gnosall can be a difficult process. We recommend you obtain professional help from a conveyancer 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.
Subsequent to protracted correspondence with the landlord of her ground floor apartment in Gnosall, Yasmin started the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension was finalised in April 2012. The landlord’s costs were kept to an absolute minimum.
In 2014 we were phoned by Mr and Mrs. D Alexander who, having owned a ground floor flat in Gnosall in March 2000. The question was if we could estimate the premium could be to prolong the lease by 90 years. Identical properties in Gnosall with 100 year plus lease were worth £225,800. The mid-range ground rent payable was £60 collected per annum. The lease lapsed on 3 August 2085. Taking into account 60 years outstanding we approximated the premium to the freeholder for the lease extension to be within £25,700 and £29,600 not including fees.
Mr and Mrs. H Jackson took over the lease of a one bedroom flat in Gnosall in June 1996. The dilemma was if we could estimate the premium would be to extend the lease by an additional years. Comparative properties in Gnosall with 100 year plus lease were in the region of £210,000. The average amount of ground rent was £50 collected yearly. The lease ran out on 7 October 2105. Considering the 80 years outstanding we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.