Godmanchester leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Godmanchester will usually qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some cases you may not be entitled. There are also strict timetables and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Godmanchester with over 100 years unexpired 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 purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society |
Lease extensions in Godmanchester can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in this area.
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 a wealth of experience dealing with Godmanchester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luke was the the leasehold proprietor of a studio flat in Godmanchester being marketed with a lease of fraction over 59 years remaining. Luke on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Luke to invoke his statutory right. Luke obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.
Mr and Mrs. P Mitchell owned a one bedroom flat in Godmanchester in September 2012. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Identical flats in Godmanchester with a long lease were valued about £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease termination date was on 12 April 2093. Considering the 67 years outstanding we estimated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 plus legals.
Last February we were contacted by Mr and Mrs. E Howard , who owned a first floor flat in Godmanchester in January 2010. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative flats in Godmanchester with an extended lease were worth £206,200. The mid-range amount of ground rent was £60 billed per annum. The lease came to a finish on 1 January 2082. Having 56 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of professional charges.