There is no doubt about it a leasehold flat or house in Gunnersbury is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 125 years to run then this decrease may be negligible however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Gunnersbury will qualify for this right; that being said a conveyancing solicitor should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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. |
Lease extensions in Gunnersbury can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Gunnersbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of unsuccessful negotiations with the landlord of her first floor apartment in Gunnersbury, Sian commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The transaction was finalised in July 2007. The landlord’s charges were kept to an absolute minimum.
Last year we were called by Mr and Mrs. J Scott , who moved into a purpose-built flat in Gunnersbury in October 1997. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical residencies in Gunnersbury with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed on 21 October 2097. Considering the 72 years outstanding we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.
An example of a Freehold Enfranchisement case for a Gunnersbury residence is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case affected 2 flats. The number of years remaining on the existing lease(s) was 64.64 years.