The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Goodwick have the legal entitlement to extend the lease for a further ninety years under legislation. Please think carefully before delaying your Goodwick lease extension. Shelving the costs now simply increases the premium you will eventually be required to pay for a lease extension.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Yorkshire Building Society | 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. |
Lease extensions in Goodwick can be a difficult process. We recommend you obtain professional help 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 procuring Goodwick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Matthew was the the leasehold owner of a 2 bedroom flat in Goodwick being marketed with a lease of fraction over sixty years remaining. Matthew on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be payable on a lease extension were Matthew to invoke his statutory right. Matthew procured expert advice and secured an acceptable deal informally and ending up with a market value flat.
In 2013 we were phoned by Mr and Mrs. N Lewis who, having owned a basement flat in Goodwick in September 2008. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Similar flats in Goodwick with a long lease were in the region of £290,000. The mid-range ground rent payable was £60 invoiced per annum. The lease ended on 12 May 2106. Given that there were 80 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.
Mr and Mrs. F Ricardo moved into a studio flat in Goodwick in June 2009. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Similar flats in Goodwick with a long lease were valued about £200,800. The average amount of ground rent was £65 collected per annum. The lease finished in 2086. Given that there were 60 years unexpired we calculated the premium to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of costs.