The only way is down when it comes to Patcham lease terms. Patcham flats that have a residual term shorter than 80 years will drop in value at a rapid rate, and the cost of extending your lease will go up.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works |
The conveyancing solicitors that we work with undertake Patcham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Last year Joseph, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Patcham. In buying his home 19 years previously, the length of the lease was of no bearing. by good luck, he noticed he needed to take action soon on Extending the lease. Joseph extended the lease just in the nick of time in June. Joseph and the freeholder via the management company eventually settled on an amount of £5,500 . If he failed to meet the deadline, the amount would have gone up by at least £1,125.
In 2009 we were approached by Dr H Leroy who, having was assigned a lease of a studio apartment in Patcham in October 2010. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Patcham with a long lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed monthly. The lease ended in 2105. Considering the 79 years left we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.
Last Spring we were contacted by Mr Dylan Hill , who was assigned a lease of a garden apartment in Patcham in April 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative properties in Patcham with 100 year plus lease were valued around £193,400. The average amount of ground rent was £65 billed every twelve months. The lease expiry date was on 27 March 2085. Taking into account 59 years remaining we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus fees.