With a residential leasehold premises in Pershore, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than eighty years left. Residents in Pershore with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. When the lease term has below eighty years remaining, under the relevant statute the landlord can calculate and demand a larger premium, based on a technical multiplication, known as “marriage value” which is payable.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Pershore can be a difficult process. We recommend you procure guidance from a conveyancer 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 a wealth of experience dealing with Pershore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy negotiations with the landlord of her ground floor apartment in Pershore, Mia started the lease extension process just as her lease was nearing the critical eighty-year deadline. The legal work was finalised in March 2009. The freeholder’s costs were kept to an absolute minimum.
In 2011 we were approached by Mr Luke Rodríguez who, having was assigned a lease of a purpose-built flat in Pershore in November 2009. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Identical properties in Pershore with a long lease were in the region of £264,000. The average ground rent payable was £60 invoiced monthly. The lease terminated in 2078. Having 53 years remaining we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.
Mr S Cooper acquired a one bedroom flat in Pershore in September 2010. The question was if we could estimate the price would be to prolong the lease by an additional years. Comparable properties in Pershore with a long lease were worth £220,400. The mid-range ground rent payable was £45 collected per annum. The lease ended in 2089. Given that there were 64 years remaining we calculated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 plus fees.