The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Gosport may extend the lease for a further ninety years under Leasehold Reform legislation. Please think carefully before delaying your Gosport lease extension. Putting off the costs now simply increases the price you will eventually be required to pay to extend the lease.
Leasehold premises in Gosport with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a freeholder 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 in-depth market knowledge and the close ties they enjoy with Gosport valuers.
Benjamin was the the leasehold owner of a studio flat in Gosport being marketed with a lease of fraction over 72 years remaining. Benjamin informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
In 2010 we were e-mailed by Mr and Mrs. C Clarke who, having completed a studio apartment in Gosport in July 1999. The question was if we could estimate the premium would be to prolong the lease by a further 90 years. Identical flats in Gosport with an extended lease were valued about £223,400. The average ground rent payable was £60 invoiced per annum. The lease ran out on 22 August 2085. Taking into account 59 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 exclusive of costs.
In 2013 we were approached by Ms H Turner who, having purchased a one bedroom flat in Gosport in October 1997. The question was if we could estimate the price would likely be for a 90 year lease extension. Comparable properties in Gosport with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2105. Considering the 79 years unexpired we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.