Petersham residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.
Leasehold residencies in Petersham with over one hundred years left 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 property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
|Halifax|| Minimum 70 years from the date of the mortgage.|
|Lloyds TSB Scotland|| Mortgage term plus 30 years subject to an overall minimum term of 70 years|
|National Westminster Bank|| Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.|
|Virgin|| 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
|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.|
Regardless of whether you are a tenant or a freeholder in Petersham,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Petersham valuers.
Jake owned a 2 bedroom flat in Petersham being marketed with a lease of a little over sixty years outstanding. Jake informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jake to exercise his statutory right. Jake procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Last Autumn we were phoned by Mr P Rogers , who acquired a one bedroom flat in Petersham in September 1998. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Similar flats in Petersham with 100 year plus lease were worth £218,400. The average ground rent payable was £60 collected quarterly. The lease expired in 2079. Having 59 years outstanding we approximated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of costs.
An example of a Lease Extension decision for a Petersham residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired lease term was 60.45 years.