Gosport leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term is under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Gosport will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Gosport with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Gosport,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Gosport valuers.
Subsequent to protracted negotiations with the freeholder of her purpose-built apartment in Gosport, Amy initiated the lease extension process as the eighty year deadline was fast approaching. The transaction was concluded in July 2009. The freeholder’s costs were kept to an absolute minimum.
Last Winter we were approach by Mr and Mrs. P Patel , who took over the lease of a studio apartment in Gosport in May 1999. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Similar premises in Gosport with a long lease were valued about £290,000. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 17 September 2099. Taking into account 73 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.
Ms V Roux bought a studio apartment in Gosport in May 2005. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative residencies in Gosport with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £60 collected per annum. The lease elapsed in 2088. Considering the 62 years unexpired we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of expenses.