The only way is down when it comes to Godshill lease terms. Godshill properties that have a residual term lower than eighty years will reduce in value even faster, and the cost to extend your lease will go up.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Godshill,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Godshill valuers.
Half a year ago Lucas, started to get close to the eighty-year mark with the lease on his ground floor flat in Godshill. In buying his property two decades ago, the lease term was of minimal significance. As luck would have it, it dawned on him that he would soon be paying an escalated premium for a lease extension. Lucas arranged for a lease extension just ahead of time in January. Lucas and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If the lease had slid lower than 80 years, the price would have escalated by at least £850.
Last Autumn we were called by Mr and Mrs. E Watson , who was assigned a lease of a garden apartment in Godshill in June 2011. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Similar homes in Godshill with 100 year plus lease were worth £208,200. The average amount of ground rent was £65 invoiced every twelve months. The lease ended on 24 June 2087. Considering the 61 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 plus legals.
In 2012 we were e-mailed by Dr Kirsty López who, having bought a recently refurbished flat in Godshill in February 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical premises in Godshill with a long lease were valued around £260,000. The average ground rent payable was £50 collected annually. The lease ended on 10 February 2098. Taking into account 72 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.