Goring 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 becomes more expensive. The majority of owners of residential leasehold property in Goring enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Goring you would be well advised to check if your lease has between 70 and ninety years left. There are good reasons why a Goring flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay
Leasehold residencies in Goring with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Goring,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Goring valuers.
Subsequent to protracted correspondence with the landlord of her one bedroom flat in Goring, Sian started the lease extension process as the eighty year mark was quickly advancing. The legal work completed in September 2014. The landlord’s costs were kept to an absolute minimum.
In 2011 we were called by Ms W Ali who, having owned a studio apartment in Goring in February 2012. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar homes in Goring with 100 year plus lease were in the region of £285,000. The average ground rent payable was £45 invoiced quarterly. The lease terminated in 2096. Given that there were 71 years unexpired we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.
Last Christmas we were approach by Mr and Mrs. W Torres , who took over the lease of a purpose-built apartment in Goring in March 2000. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical residencies in Goring with 100 year plus lease were valued around £225,800. The mid-range amount of ground rent was £60 billed per annum. The lease finished on 24 February 2085. Taking into account 60 years remaining we calculated the premium to the landlord for the lease extension to be between £25,700 and £29,600 plus expenses.