When it comes to domestic leasehold premises in Petersham, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than eighty years remaining. Anyone in Petersham with a lease nearing 81 years remaining should seriously think of extending it as soon as possible. When a lease has fewer than 80 years left, under the relevant statute the landlord is entitled to calculate and demand a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB |
Engaging our service gives you better control over the value of your Petersham leasehold, as your property will be more valuable and saleable 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.
Benjamin owned a high value apartment in Petersham being marketed with a lease of fraction over 59 years left. Benjamin on an informal basis contacted his landlord 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 an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert advice and secured satisfactory resolution informally and readily saleable.
Last Winter we were phoned by Mrs Danielle André , who completed a basement apartment in Petersham in July 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable properties in Petersham with an extended lease were in the region of £213,600. The average amount of ground rent was £60 collected every twelve months. The lease end date was in 2083. Considering the 57 years remaining we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus costs.
An example of a Lease Extension decision for a Petersham property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 60.45 years.