Petworth leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be payable. Flat owners in Petworth will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in Petworth with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Engaging our service will provide you better control over the value of your Petworth leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
John was the the leasehold owner of a 2 bedroom flat in Petworth being marketed with a lease of a few days over sixty years remaining. John informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were John to exercise his statutory right. John obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
In 2009 we were phoned by Mr Rory Roberts who, having acquired a newly refurbished apartment in Petworth in February 2007. The question was if we could approximate the premium could be for a 90 year lease extension. Similar properties in Petworth with 100 year plus lease were valued around £174,200. The mid-range ground rent payable was £55 collected per annum. The lease expiry date was on 11 November 2077. Considering the 51 years as a residual term we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of costs.
Mr Dexter Michel owned a studio flat in Petworth in November 2000. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparative premises in Petworth with 100 year plus lease were in the region of £285,000. The average ground rent payable was £45 collected per annum. The lease elapsed on 22 June 2097. Considering the 71 years left we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.