Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Peterston Super Ely. Inevitably, the period of lease remaining shortens over time. This is often overlooked and only becomes a problem when the property has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Peterston Super Ely have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Peterston Super Ely lease extension. Holding off that expense now likely increases the price you will eventually have to pay for a lease extension
Leasehold properties in Peterston Super Ely with over one hundred years unexpired on the lease are sometimes referred to as ‘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 estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax |
Lease extensions in Peterston Super Ely can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Peterston Super Ely lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joseph was the the leasehold owner of a 2 bedroom flat in Peterston Super Ely on the market with a lease of just over 59 years remaining. Joseph informally spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Joseph to exercise his statutory right. Joseph obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.
In 2014 we were approached by Dr Samuel Khan who, having purchased a basement flat in Peterston Super Ely in January 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical properties in Peterston Super Ely with 100 year plus lease were worth £225,400. The average amount of ground rent was £45 collected quarterly. The lease finished in 2090. Having 64 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 plus legals.
In 2010 we were e-mailed by Mr W Roberts who, having moved into a studio flat in Peterston Super Ely in April 1997. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative premises in Peterston Super Ely with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed quarterly. The lease finished on 4 January 2101. Having 75 years remaining we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.