Peterston Super Ely leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Peterston Super Ely tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Peterston Super Ely you should see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Retaining our service will provide you enhanced control over the value of your Peterston Super Ely leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last Spring Harry, came very near to the 80-year mark with the lease on his studio flat in Peterston Super Ely. In buying his property 18 years previously, the unexpired term was of little significance. by good luck, he noticed he would imminently be paying an escalated premium for Extending the lease. Harry was able to extend his lease just under the wire last January. Harry and the freeholder eventually settled on the final figure of £5,000 . If the lease had gone below eighty years, the amount would have gone up by at least £950.
Last May we were contacted by Mr and Mrs. A Collins , who purchased a recently refurbished flat in Peterston Super Ely in October 1996. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Similar properties in Peterston Super Ely with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 invoiced quarterly. The lease elapsed in 2102. Having 76 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.
In 2009 we were contacted by Mr T Parker who, having owned a purpose-built flat in Peterston Super Ely in November 2012. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative flats in Peterston Super Ely with an extended lease were worth £176,200. The mid-range amount of ground rent was £65 collected quarterly. The lease came to a finish on 1 June 2082. Given that there were 56 years remaining we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of costs.