Perry Barr leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Perry Barr 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 Perry Barr you would be well advised to see if your lease has between 70 and 90 years left. There are compelling reasons why a Perry Barr flat owner with a lease having around eighty years left should take steps to make sure that a lease extension is put in place without delay
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Virgin |
Lease extensions in Perry Barr can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in this area.
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 Perry Barr lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Mason was the the leasehold owner of a 2 bedroom apartment in Perry Barr being sold with a lease of fraction over 72 years left. Mason informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Mason to invoke his statutory right. Mason obtained expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Last Summer we were contacted by Dr V Sharif , who owned a ground floor apartment in Perry Barr in January 2009. We are asked if we could approximate the price could be to prolong the lease by ninety years. Identical residencies in Perry Barr with a long lease were valued about £205,000. The average amount of ground rent was £50 billed quarterly. The lease elapsed in 2105. Taking into account 79 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
In 2014 we were approached by Mr and Mrs. W Gómez who, having acquired a one bedroom apartment in Perry Barr in September 2006. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Identical properties in Perry Barr with a long lease were valued around £275,000. The average amount of ground rent was £65 collected every twelve months. The lease elapsed in 2094. Having 68 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including fees.