There is no doubt about it a leasehold property in Perton is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner rather than later. Many flat owners in Perton will qualify for this right; that being said a conveyancer can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Perton with in excess of 100 years remaining 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB | |
| Virgin |
Lease extensions in Perton can be a difficult process. We recommend you get professional help 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 a wealth of experience procuring Perton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Andrew was the the leasehold owner of a conversion flat in Perton on the market with a lease of a few days over 61 years outstanding. Andrew informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Andrew to exercise his statutory right. Andrew procured expert advice and secured satisfactory deal without going to tribunal and sell the property.
In 2011 we were phoned by Dr Jack Phillips who, having completed a recently refurbished apartment in Perton in February 2010. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Identical premises in Perton with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 invoiced annually. The lease concluded in 2080. Having 54 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of costs.
Last Christmas we were e-mailed by Mr H Rivera , who acquired a ground floor flat in Perton in July 2012. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparable flats in Perton with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease elapsed on 26 January 2100. Having 74 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus legals.