When it comes to domestic leasehold premises in Petersfield, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems 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 lease is the cost of extending the lease becomes disproportionately more expensive notably when there are fewer than eighty years remaining. Residents in Petersfield with a lease nearing 81 years remaining should seriously consider extending it as soon as possible. When the lease term has below 80 years remaining, under the relevant statute the freeholder is entitled to calculate and demand a larger amount, based on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Petersfield can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.
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 dealing with Petersfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Samuel was the the leasehold proprietor of a 2 bedroom apartment in Petersfield being marketed with a lease of a little over 59 years remaining. Samuel informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Samuel to exercise his statutory right. Samuel procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Mr George García acquired a one bedroom apartment in Petersfield in June 2003. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar residencies in Petersfield with a long lease were valued about £275,000. The mid-range amount of ground rent was £55 collected quarterly. The lease concluded in 2102. Given that there were 76 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
Mr and Mrs. T Garcia moved into a one bedroom apartment in Petersfield in June 2003. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable residencies in Petersfield with an extended lease were valued about £176,200. The average amount of ground rent was £65 collected monthly. The lease ran out on 6 September 2082. Taking into account 56 years outstanding we approximated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 plus expenses.