Pentre leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher amount will be payable. Flat owners in Pentre will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Yorkshire Building Society |
Lease extensions in Pentre can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 a wealth of experience procuring Pentre lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Rory owned a 2 bedroom flat in Pentre on the market with a lease of just over 59 years left. Rory informally approached his freeholder being a well known Manchester-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 new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Rory to exercise his statutory right. Rory procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were called by Dr W Green who, having acquired a purpose-built flat in Pentre in April 1998. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Similar properties in Pentre with a long lease were worth £240,600. The average amount of ground rent was £65 invoiced every twelve months. The lease expired in 2088. Having 62 years unexpired we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus fees.
Last Winter we were approach by Ms K King , who owned a first floor flat in Pentre in August 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable residencies in Pentre with 100 year plus lease were valued around £174,200. The mid-range ground rent payable was £55 billed per annum. The lease elapsed on 25 February 2077. Given that there were 51 years left we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including fees.