Goole leases on residential properties are gradually losing value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Goole will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and formalities to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Engaging our service gives you increased control over the value of your Goole leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Kian owned a studio flat in Goole on the market with a lease of a few days over sixty years unexpired. Kian on an informal basis contacted his freeholder being a well known Manchester-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 a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.
In 2013 we were contacted by Mrs Natalie Carter who, having took over the lease of a first floor apartment in Goole in June 1999. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Goole with an extended lease were worth £275,000. The average amount of ground rent was £55 invoiced quarterly. The lease concluded on 10 November 2102. Having 76 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.
Last Winter we were contacted by Ms N Kelly , who acquired a studio flat in Goole in January 2011. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparative properties in Goole with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease end date was on 8 June 2082. Taking into account 56 years unexpired we estimated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of expenses.