There is no doubt about it a leasehold flat or house in Gorleston is a wasting asset as a result of the shortening lease. If the residual term has, more than 125 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner rather than later. The majority of flat owners in Gorleston will qualify for this right; however a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Halifax | |
| Virgin | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Gorleston,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Gorleston valuers.
Subsequent to protracted discussions with the landlord of her one bedroom flat in Gorleston, Kelsey initiated the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction was finalised in September 2012. The landlord’s charges were kept to an absolute minimum.
In 2010 we were approached by Mrs T Laurent who, having completed a one bedroom apartment in Gorleston in May 2010. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparable residencies in Gorleston with an extended lease were valued about £193,400. The average ground rent payable was £65 billed quarterly. The lease end date was in 2085. Taking into account 59 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.
In 2009 we were called by Ms Natalie García who, having bought a basement apartment in Gorleston in April 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Similar homes in Gorleston with a long lease were in the region of £255,000. The mid-range ground rent payable was £50 collected quarterly. The lease concluded in 2096. Having 70 years remaining we calculated the premium to the landlord to extend the lease to be between £10,500 and £12,000 exclusive of legals.