Why you should start your Gurnard lease extension

Main reasons to commence your Gurnard lease extension today:

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

Chances are that where you own a flat in Gurnard you actually own a long leasehold interest over your property

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

Leasehold properties in Gurnard with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Gurnard with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of prospective buyers.

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

Lease extensions in Gurnard can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 Gurnard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gurnard Lease Extension Example Cases:

Daniel, Gurnard, Isle Of Wight,

Daniel was the the leasehold proprietor of a conversion flat in Gurnard on the market with a lease of just over 61 years outstanding. Daniel on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Daniel to exercise his statutory right. Daniel procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Gurnard case:

Last year we were e-mailed by Mrs Georgia Thompson , who completed a basement apartment in Gurnard in January 1996. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparative residencies in Gurnard with 100 year plus lease were valued about £275,000. The mid-range ground rent payable was £45 collected annually. The lease finished in 2095. Taking into account 69 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.

Gurnard case:

In 2009 we were called by Mr and Mrs. G Wright who, having was assigned a lease of a first floor flat in Gurnard in June 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Similar residencies in Gurnard with 100 year plus lease were worth £216,000. The average amount of ground rent was £60 invoiced yearly. The lease finished in 2084. Given that there were 58 years remaining we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 plus fees.