Main reasons to start your Gosforth lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gosforth property value

Chances are that where you own a flat in Gosforth you actually own a long leasehold interest over your property

Gosforth property with a lease extension is almost the same value as a freehold

Leasehold residencies in Gosforth with over one hundred years unexpired 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 home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not issue a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable security.

What makes us experts in Gosforth lease extensions?

Regardless of whether you are a tenant or a freeholder in Gosforth,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Gosforth valuers.

Gosforth Lease Extension Case Studies:

Kirsty, Gosforth, Tyne And Wear,

After unsuccessful negotiations with the freeholder of her garden apartment in Gosforth, Kirsty commenced the lease extension process just as the lease was nearing the all-important eighty-year threshold. The legal work was concluded in April 2014. The freeholder’s charges were kept to an absolute minimum.

Gosforth case:

In 2012 we were approached by Mr Jackson Adams who, having was assigned a lease of a one bedroom apartment in Gosforth in June 1996. We are asked if we could estimate the price would be for a 90 year lease extension. Comparable homes in Gosforth with an extended lease were valued about £295,000. The average amount of ground rent was £50 billed quarterly. The lease ended on 27 July 2101. Taking into account 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including legals.

Gosforth case:

In 2012 we were e-mailed by Ms G Anderson who, having acquired a basement flat in Gosforth in September 2010. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparative homes in Gosforth with 100 year plus lease were in the region of £250,400. The average ground rent payable was £65 collected quarterly. The lease elapsed on 21 August 2090. Taking into account 64 years remaining we calculated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 plus professional charges.