Goodwick leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Goodwick tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Goodwick you would be well advised to investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Goodwick can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 dealing with Goodwick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months David, came critically near to the eighty-year threshold with the lease on his garden flat in Goodwick. Having purchased his flat twenty years ago, the lease term was of no bearing. by good luck, it dawned on him that he would imminently be paying way over the odds for a lease extension. David extended the lease just in the nick of time last September. David and the freeholder via the management company ultimately settled on a premium of £5,000 . If he failed to meet the deadline, the price would have escalated by a minimum £900.
Last Spring we were called by Ms Katherine Hernández , who was assigned a lease of a one bedroom apartment in Goodwick in February 2000. The question was if we could approximate the price would likely be for a ninety year lease extension. Identical homes in Goodwick with an extended lease were valued around £176,200. The average ground rent payable was £65 collected quarterly. The lease concluded on 11 January 2082. Having 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 not including costs.
Dr Isaac Khan acquired a one bedroom flat in Goodwick in February 1996. The question was if we could approximate the price could be for a 90 year extension to my lease. Comparative residencies in Goodwick with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 collected annually. The lease elapsed on 15 October 2093. Taking into account 67 years outstanding we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 not including expenses.