It’s an underpublicised certainty that a Peasedown St John residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Peasedown St John property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If the number of years remaining falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most leasehold owners in Peasedown St John will be able to extend under the legislation; however a lawyer will be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the process.
Leasehold properties in Peasedown St John with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Santander | |
| TSB |
Using our service will provide you better control over the value of your Peasedown St John leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Eli, started to get near to the 80-year mark with the lease on his first floor flat in Peasedown St John. In buying his property two decades ago, the length of the lease was of little interest. by good luck, he noticed he needed to take steps soon on Extending the lease. Eli arranged for a lease extension just under the wire in May. Eli and the landlord who owned the flat above eventually settled on an amount of £5,500 . If the lease had slipped lower than eighty years, the sum would have increased by at least £1,150.
Last Summer we were phoned by Mr and Mrs. E Miller , who owned a recently refurbished flat in Peasedown St John in June 2003. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Comparative homes in Peasedown St John with a long lease were worth £265,000. The average amount of ground rent was £50 collected annually. The lease elapsed in 2100. Taking into account 74 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.
Last year we were called by Dr Austin Morel , who took over the lease of a studio apartment in Peasedown St John in October 2012. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Peasedown St John with 100 year plus lease were valued about £166,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease lapsed in 2080. Taking into account 54 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of professional charges.