The only way is down when it comes to Petersfield lease terms. Petersfield leaseholds that have a lease term fewer than 80 years will de-escalate in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold properties in Petersfield with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Petersfield,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Petersfield valuers.
Sam owned a studio flat in Petersfield on the market with a lease of a few days over sixty years outstanding. Sam on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Sam to invoke his statutory right. Sam procured expert legal guidance and secured satisfactory deal informally and readily saleable.
In 2010 we were phoned by Dr Edward Leroy who, having completed a garden apartment in Petersfield in May 1998. We are asked if we could approximate the price would be for a 90 year lease extension. Comparative residencies in Petersfield with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced annually. The lease elapsed on 15 August 2103. Taking into account 77 years remaining we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.
Last Spring we were phoned by Mr and Mrs. Y Miller , who was assigned a lease of a ground floor flat in Petersfield in July 2009. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Comparative homes in Petersfield with a long lease were worth £183,600. The mid-range ground rent payable was £65 collected quarterly. The lease elapsed in 2083. Taking into account 57 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including fees.