Goole leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Goole tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Goole you would be well advised to check if your lease has between seventy and 90 years left. There are good reasons why a Goole leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is actioned without delay
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Yorkshire 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. |
Lease extensions in Goole can be a difficult process. We recommend you get 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 a wealth of experience procuring Goole lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted correspondence with the landlord of her purpose-built apartment in Goole, Amber started the lease extension process just as her lease was coming close to the crucial 80-year threshold. The legal work was concluded in June 2013. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. A Girard moved into a basement apartment in Goole in November 2009. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Goole with an extended lease were valued around £265,000. The average amount of ground rent was £50 billed yearly. The lease elapsed in 2099. Taking into account 73 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.
Last Summer we were e-mailed by Mr and Mrs. U Wood , who acquired a garden flat in Goole in November 1995. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable residencies in Goole with an extended lease were worth £264,000. The average amount of ground rent was £60 collected per annum. The lease ran out in 2079. Given that there were 53 years remaining we estimated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of professional charges.