Peckham leases on residential deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher premium will be payable. Flat owners in Peckham will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain situations you may not qualify. There are prescribed deadlines and formalities to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Peckham with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Halifax | |
| National Westminster Bank | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Peckham,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Peckham valuers.
Trailing lengthy correspondence with the freeholder of her purpose-built flat in Peckham, Victoria started the lease extension process as the 80 year threshold was rapidly coming. The transaction was finalised in August 2014. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. B Clarke moved into a one bedroom flat in Peckham in March 2008. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Peckham with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £45 collected per annum. The lease concluded in 2096. Given that there were 70 years outstanding we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.
An example of a Freehold Enfranchisement case for a Peckham flat is 31 Kings Grove in January 2012. By a claim form issued on 11" August 2011 under action number 1LB01618 in the Lambeth County Court the applicant tenants sought dispensation under section 26 of the Leasehold Reform, Housing and Urban Development Act 1993 from the requirement to serve a notice under section 13 of that Act in order to purchase the freehold of the premises. The Tribunal decided the amount payable for the freehold as £10,728 This case related to 2 flats. The remaining number of years on the lease was 80.5 years.