Godmanchester leases on domestic deteriorating in value. if your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Flat owners in Godmanchester will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold residencies in Godmanchester with in excess of one hundred years remaining on the lease are sometimes 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 to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Godmanchester,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Godmanchester valuers.
Harvey was the the leasehold proprietor of a high value apartment in Godmanchester on the market with a lease of a few days over 59 years remaining. Harvey informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Harvey to invoke his statutory right. Harvey obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Mr and Mrs. K Thompson bought a newly refurbished flat in Godmanchester in June 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar residencies in Godmanchester with a long lease were in the region of £208,600. The average amount of ground rent was £60 invoiced yearly. The lease ran out on 6 March 2082. Given that there were 57 years left we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.
In 2013 we were approached by Mr Andrew Díaz who, having was assigned a lease of a purpose-built apartment in Godmanchester in March 2004. We are asked if we could estimate the price would be for a 90 year lease extension. Similar homes in Godmanchester with a long lease were valued around £200,000. The average amount of ground rent was £50 billed monthly. The lease concluded on 18 November 2102. Considering the 77 years remaining we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.