Chances are that where you own a flat in Pelsall you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Pelsall can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Pelsall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the landlord of her garden apartment in Pelsall, Erin commenced the lease extension process as the 80 year deadline was fast advancing. The legal work completed in May 2005. The freeholder’s costs were kept to an absolute minimum.
Last Summer we were e-mailed by Mr Leon Hill , who was assigned a lease of a ground floor apartment in Pelsall in May 1995. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical residencies in Pelsall with 100 year plus lease were valued around £181,600. The average ground rent payable was £55 collected monthly. The lease elapsed on 23 November 2078. Taking into account 52 years left we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of professional charges.
Last Autumn we were contacted by Mrs A Jones , who took over the lease of a one bedroom flat in Pelsall in October 2009. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable properties in Pelsall with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ended on 17 March 2098. Given that there were 72 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.