Pratt's Bottom leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Pratt's Bottom enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Pratt's Bottom you really ought to see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
Leasehold residencies in Pratt's Bottom with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Pratt's Bottom,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Pratt's Bottom valuers.
Trailing unsuccessful negotiations with the landlord of her purpose-built flat in Pratt's Bottom, Emily started the lease extension process just as the lease was nearing the critical eighty-year deadline. The legal work completed in April 2009. The landlord’s charges were negotiated to a tad over 550 pounds.
Last Summer we were called by Mr and Mrs. B García , who purchased a newly refurbished apartment in Pratt's Bottom in September 1996. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Similar homes in Pratt's Bottom with a long lease were valued about £181,600. The mid-range amount of ground rent was £55 collected quarterly. The lease expired in 2077. Having 52 years remaining we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of costs.
An example of a Lease Extension matter before the tribunal for a Pratt's Bottom property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term was 50.57 years.