The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Perry Barr can extend the lease for an additional ninety years under legislation. Do think carefully before delaying your Perry Barr lease extension. Postponing that expense now simply escalates the amount you will ultimately have to pay to extend the lease.
Leasehold residencies in Perry Barr with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Regardless of whether you are a tenant or a landlord in Perry Barr,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Perry Barr valuers.
Teddy was the the leasehold proprietor of a 2 bedroom apartment in Perry Barr being marketed with a lease of fraction over 72 years left. Teddy on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Teddy to exercise his statutory right. Teddy obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.
In 2014 we were e-mailed by Ms Lauren François who, having bought a newly refurbished flat in Perry Barr in July 1995. The question was if we could approximate the price could be to extend the lease by 90 years. Identical premises in Perry Barr with an extended lease were worth £174,200. The average amount of ground rent was £55 billed quarterly. The lease elapsed in 2077. Having 51 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of expenses.
Last Spring we were approach by Dr Milo Wood , who bought a first floor flat in Perry Barr in April 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparable properties in Perry Barr with an extended lease were worth £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease expired on 17 April 2097. Given that there were 71 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.