It’s an underpublicised certainty that a Petersham residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Petersham property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining drops under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Petersham will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.
Leasehold premises in Petersham with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Lease extensions in Petersham can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 Petersham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harrison was the the leasehold owner of a high value apartment in Petersham on the market with a lease of just over sixty years left. Harrison informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Harrison to exercise his statutory right. Harrison obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were called by Mr and Mrs. V Stewart , who owned a first floor apartment in Petersham in September 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Petersham with 100 year plus lease were valued around £210,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2106. Having 80 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.
An example of a Lease Extension case for a Petersham flat 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 affected 1 flat. The unexpired residue of the current lease was 60.45 years.