Pentonville leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Pentonville will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain cases you may not be entitled. There are also strict deadlines and steps to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| TSB | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Pentonville,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pentonville valuers.
In recent months Dexter, came precariously close to the 80-year mark with the lease on his first floor flat in Pentonville. Having purchased his property two decades ago, the unexpired term was of no importance. Luckily, he recognised he would imminently be paying way over the odds for Extending the lease. Dexter was able to extend his lease just in the nick of time last July. Dexter and the landlord who owned the flat above in the end agreed on an amount of £5,500 . If the lease had fallen to less than 80 years, the sum would have gone up by a minimum £1,075.
Mr O Girard completed a ground floor flat in Pentonville in July 2006. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar properties in Pentonville with an extended lease were in the region of £200,000. The average ground rent payable was £50 billed per annum. The lease ended in 2103. Given that there were 77 years unexpired we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.
An example of a Lease Extension case for a Pentonville premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired term was 66.8 years.