Over the last year or two, we have seen lots of clients
enquiring about lease extensions for their homes.
What are they and why are they of value?
The majority of land in Gibraltar is held on a leasehold basis.
This means that the head title to the land is Crown Property that
is demised by His Excellency the Governor on behalf of His Majesty
the King, to developers for a set amount of years, in order to
build a project, typically 150 years, and the developers in turn
grant sub-leases to buyers for a specific period of time, often 99
or 149 years, of a specific flat/car parking space/ store within a
building project.
Most people do not think about the length of a lease until they
are either buying or selling a property, but it should be something
to think about and it is definitely relevant to banks if you are
looking to mortgage a property. Why?
