Main reasons to start your Gunnislake lease extension

Top reasons for lease extension now:

A Gunnislake leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Gunnislake. Inevitably, the period of lease remaining shortens as time goes by. This is often ignored and only raises itself as an issue when the property needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Gunnislake have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give due attention before delaying your Gunnislake lease extension. Holding off that expense now simply increases the price you will eventually have to pay to extend your lease

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

Leasehold properties in Gunnislake with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties if you wish to sell your flat in Gunnislake if the unexpired term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have varying criteria but in the main they are looking for a minimum remaining lease term of 65 years.

Get in touch with one of our Gunnislake lease extension solicitors or enfranchisement solicitors

Lease extensions in Gunnislake can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 Gunnislake lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gunnislake Lease Extension Case Summaries:

Archie, Gunnislake, Cornwall

In 2014 Archie, started to get close to the 80-year mark with the lease on his ground floor flat in Gunnislake. Having purchased his home two decades ago, the length of the lease was of little concern. Luckily, he realised he needed to take steps soon on Extending the lease. Archie was able to extend his lease just under the wire in January. Archie and the landlord ultimately agreed on an amount of £5,500 . If he had missed the deadline, the premium would have gone up by a minimum £850.

Gunnislake case:

Mr and Mrs. P Roberts took over the lease of a basement apartment in Gunnislake in January 2011. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Comparable homes in Gunnislake with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease ended on 21 March 2105. Having 79 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.

Gunnislake case:

Last year we were contacted by Dr I David , who owned a purpose-built apartment in Gunnislake in May 1996. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Identical residencies in Gunnislake with a long lease were worth £193,400. The average amount of ground rent was £65 invoiced yearly. The lease elapsed in 2085. Having 59 years outstanding we calculated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of expenses.