Top reasons for Gotham lease extension

Why you should commence your Gotham lease extension today:

Increase your lease and increase your Gotham property value

For anyone whose Gotham home is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

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

It is conventional wisdom that a property with over 100 years remaining is worth roughly 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 decades to come.

Mortgage lenders may not lend with a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that many flats in Gotham were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Gotham lease extensions?

Irrespective of whether you are a tenant or a landlord in Gotham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Gotham valuers.

Gotham Lease Extension Example Cases:

Hugo, Gotham, Nottinghamshire

In 2014 Hugo, came seriously near to the 80-year mark with the lease on his two bedroom flat in Gotham. Having purchased his home twenty years previously, the lease term was of no bearing. Thankfully, he recognised he needed to take action soon on a lease extension. Hugo arranged for a lease extension at the eleventh hour in September. Hugo and the freeholder via the managing agents subsequently settled on the final figure of £6,000 . If he not met the deadline, the sum would have become more exhorbitant by a minimum £1,050.

Gotham case:

In 2013 we were e-mailed by Mrs Francesca Smith who, having completed a one bedroom apartment in Gotham in August 2000. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Similar flats in Gotham with a long lease were in the region of £280,000. The mid-range ground rent payable was £55 billed yearly. The lease lapsed in 2104. Having 78 years left we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.

Gotham case:

Last Autumn we were e-mailed by Mr and Mrs. U Kelly , who completed a ground floor flat in Gotham in July 2010. We are asked if we could approximate the price would be to prolong the lease by an additional years. Similar properties in Gotham with a long lease were worth £186,000. The average ground rent payable was £65 billed every twelve months. The lease came to a finish on 14 November 2084. Considering the 58 years unexpired we estimated the premium to the landlord for the lease extension to be between £24,700 and £28,600 exclusive of costs.