On the balance of probabilities if you own a flat in Gunnislake you actually own a long leasehold interest over your property
Leasehold properties in Gunnislake with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Lease extensions in Gunnislake can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.
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 a wealth of experience dealing with Gunnislake 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 protracted discussions with the freeholder of her garden flat in Gunnislake, Abigail initiated the lease extension process as the eighty year deadline was quickly advancing. The lease extension was concluded in May 2008. The freeholder’s costs were kept to an absolute minimum.
Last Autumn we were called by Ms D Petit , who owned a garden apartment in Gunnislake in April 1998. The dilemma was if we could approximate the premium could be to prolong the lease by an additional years. Identical flats in Gunnislake with 100 year plus lease were valued around £265,000. The average ground rent payable was £50 invoiced annually. The lease expired in 2099. Given that there were 74 years unexpired we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.
Last month we were phoned by Dr Edward Bailey , who owned a studio flat in Gunnislake in February 2005. The question was if we could approximate the premium would likely be for a 90 year lease extension. Identical residencies in Gunnislake with an extended lease were valued about £166,400. The average amount of ground rent was £60 billed quarterly. The lease ended in 2079. Considering the 54 years outstanding we estimated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including professional charges.