Godmanchester leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Godmanchester 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 cases you may not qualify. There are prescribed deadlines and steps to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Godmanchester with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Virgin |
Retaining our service will provide you increased control over the value of your Godmanchester leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Blake was the the leasehold owner of a 2 bedroom apartment in Godmanchester on the market with a lease of fraction over sixty years outstanding. Blake informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Dr Samuel Sánchez completed a recently refurbished flat in Godmanchester in January 2010. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparative premises in Godmanchester with a long lease were valued around £243,000. The mid-range ground rent payable was £65 billed monthly. The lease expired in 2089. Taking into account 63 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including costs.
Last Spring we were approach by Mr and Mrs. P Díaz , who moved into a recently refurbished flat in Godmanchester in February 2004. We are asked if we could approximate the price could be to extend the lease by 90 years. Identical residencies in Godmanchester with a long lease were worth £181,600. The average amount of ground rent was £55 billed per annum. The lease termination date was on 3 February 2078. Taking into account 52 years as a residual term we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of fees.