Perry Barr 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 Perry Barr tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Perry Barr you should see if your lease has between 70 and ninety years remaining. There are good reasons why a Perry Barr flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay
Leasehold residencies in Perry Barr with over 100 years outstanding 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 freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The conveyancers that we work with undertake Perry Barr lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Subsequent to unsuccessful discussions with the landlord of her purpose-built flat in Perry Barr, Georgina initiated the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The transaction completed in April 2012. The landlord’s costs were kept to an absolute minimum.
Mrs A David took over the lease of a ground floor flat in Perry Barr in July 2010. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Comparable residencies in Perry Barr with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease elapsed in 2101. Having 75 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.
Dr Archie Dupont owned a basement flat in Perry Barr in April 2000. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparative residencies in Perry Barr with 100 year plus lease were valued around £250,400. The average amount of ground rent was £65 collected annually. The lease concluded in 2090. Having 64 years left we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 exclusive of legals.