Gunnislake leases on domestic deteriorating in value. Where your lease has about 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease falls under 80 years - otherwise a higher amount will be due. Flat owners in Gunnislake will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not be entitled. There are also strict timetables and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Gunnislake with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
The conveyancing solicitors that we work with undertake Gunnislake lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Subsequent to unsuccessful discussions with the landlord of her one bedroom apartment in Gunnislake, Alicia started the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension completed in April 2013. The freeholder’s fees were kept to an absolute minimum.
Last Autumn we were contacted by Mr A Nguyen , who was assigned a lease of a purpose-built apartment in Gunnislake in October 1997. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in Gunnislake with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 collected per annum. The lease end date was in 2101. Having 75 years left we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.
Last Summer we were called by Mrs Amelia Turner , who took over the lease of a ground floor flat in Gunnislake in July 2009. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical residencies in Gunnislake with 100 year plus lease were worth £168,800. The average ground rent payable was £60 collected every twelve months. The lease ended in 2081. Given that there were 55 years as a residual term we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of legals.