Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Godmanchester. Clearly, the term of lease remaining shortens over time. This is often ignored and only becomes a problem when the property needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Godmanchester have the legal entitlement to extend the lease for a further ninety years under statute. Do give careful consideration before putting off your Godmanchester lease extension. Holding off the cost now likely increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Retaining our service gives you increased control over the value of your Godmanchester leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last year Jackson, came dangerously near to the 80-year mark with the lease on his garden apartment in Godmanchester. In buying his home 19 years previously, the unexpired term was of minimal significance. by good luck, he realised he would soon be paying an inflated amount for a lease extension. Jackson extended the lease just under the wire in September. Jackson and the freeholder ultimately agreed on a premium of £6,000 . If he not met the deadline, the figure would have become more costly by at least £1,050.
In 2013 we were contacted by Dr Alex Petit who, having acquired a one bedroom apartment in Godmanchester in November 2007. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable flats in Godmanchester with 100 year plus lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease concluded on 27 February 2077. Considering the 51 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.
Last Spring we were phoned by Mr J André , who purchased a recently refurbished flat in Godmanchester in November 2006. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Similar flats in Godmanchester with an extended lease were worth £285,000. The average amount of ground rent was £45 invoiced every twelve months. The lease ended on 22 October 2097. Taking into account 71 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.