The only way is down when it comes to Patcham lease terms. Patcham flats that have a residual term less than than eighty years will de-escalate in value at a rapid rate, and the cost of extending your lease will rise.
Leasehold residencies in Patcham with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| Santander |
Using our service will provide you enhanced control over the value of your Patcham leasehold, as your property will be more valuable and marketable in terms 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.
Samuel was the the leasehold proprietor of a conversion flat in Patcham being marketed with a lease of fraction over sixty years outstanding. Samuel on an informal basis contacted his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Samuel to invoke his statutory right. Samuel obtained expert advice and secured an acceptable resolution informally and sell the property.
Last year we were contacted by Mr and Mrs. B Jackson , who bought a purpose-built apartment in Patcham in November 2009. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Patcham with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 billed per annum. The lease expiry date was in 2086. Given that there were 60 years outstanding we calculated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 plus fees.
Last April we were contacted by Ms Niamh James , who completed a one bedroom flat in Patcham in March 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Patcham with a long lease were worth £260,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out on 7 September 2097. Given that there were 71 years remaining we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.