Main reasons to commence your Godshill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Godshill property value

On the balance of probabilities where you own a flat in Godshill you actually own a long leasehold interest over your property

Godshill property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth roughly 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.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that a number of flats in Godshill were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Godshill lease extensions?

Engaging our service will provide you increased control over the value of your Godshill leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Godshill Lease Extension Case Studies:

Nathaniel, Godshill, Isle Of Wight

In 2014 Nathaniel, started to get near to the eighty-year threshold with the lease on his garden apartment in Godshill. Having purchased his flat two decades ago, the unexpired term was of no concern. Fortunately, he recognised he needed to take action soon on a lease extension. Nathaniel was able to extend his lease just ahead of time in August. Nathaniel and the freeholder via the managing agents in the end settled on the final figure of £5,500 . If he had missed the deadline, the sum would have gone up by a minimum £875.

Godshill case:

Last Autumn we were approach by Mr O Morgan , who was assigned a lease of a basement flat in Godshill in February 2003. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Godshill with an extended lease were valued about £290,000. The mid-range ground rent payable was £60 collected quarterly. The lease lapsed on 15 August 2106. Considering the 80 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.

Godshill case:

Last Spring we were contacted by Dr Leah Laurent , who was assigned a lease of a purpose-built flat in Godshill in January 2006. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative premises in Godshill with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 invoiced every twelve months. The lease came to a finish in 2086. Considering the 60 years left we calculated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 not including fees.