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Main reasons to commence your Peterborough lease extension


Top reasons for lease extension now:

Increase your lease and increase your Peterborough property value

Peterborough leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Peterborough will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not qualify. There are prescribed deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.

Peterborough property with a lease extension is almost the same value as a freehold

Leasehold properties in Peterborough with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. 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.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Mortgage Lenders are distinct in their lending requirements. Some draw the line at 75 years remaining on the lease; others may be happy with anything over seventy years. Below sixty years, it may be impossible to get a mortgage in the first place.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Peterborough lease extensions?

Lease extensions in Peterborough can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 Peterborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Peterborough Lease Extension Case Studies:

Milo, Peterborough, Cambridgeshire

Last year Milo, came dangerously near to the 80-year mark with the lease on his purpose- built apartment in Peterborough. Having purchased his flat two decades ago, the lease term was of no importance. by good luck, he noticed he would soon be paying an escalated premium for a lease extension. Milo arranged for a lease extension just under the wire in May. Milo and the landlord who owned the flat above ultimately settled on the final figure of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by a minimum £850.

Peterborough case:

Last Summer we were phoned by Ms T Gómez , who moved into a garden flat in Peterborough in February 1999. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable residencies in Peterborough with an extended lease were valued about £254,200. The average ground rent payable was £60 billed annually. The lease finished in 2075. Taking into account 51 years remaining we calculated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of expenses.

Peterborough case:

In 2010 we were phoned by Mr and Mrs. T García who, having moved into a garden flat in Peterborough in January 1995. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Comparative residencies in Peterborough with an extended lease were worth £210,600. The average ground rent payable was £45 invoiced annually. The lease lapsed in 2086. Having 62 years outstanding we estimated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.