Perry Barr leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Flat owners in Perry Barr will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not be entitled. There are prescribed timetables and steps to comply with once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
Engaging our service will provide you enhanced control over the value of your Perry Barr leasehold, as your property will be more valuable and marketable in respect 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.
Caleb owned a high value flat in Perry Barr on the market with a lease of just over sixty years outstanding. Caleb on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Caleb to exercise his statutory right. Caleb obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.
In 2009 we were called by Mr and Mrs. Y Bell who, having took over the lease of a newly refurbished apartment in Perry Barr in February 1998. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable homes in Perry Barr with a long lease were valued about £300,000. The average ground rent payable was £50 billed yearly. The lease lapsed on 3 September 2102. Taking into account 76 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of fees.
Mr and Mrs. P Sánchez was assigned a lease of a one bedroom apartment in Perry Barr in February 2007. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparative residencies in Perry Barr with a long lease were worth £257,800. The mid-range amount of ground rent was £65 collected annually. The lease finished in 2091. Taking into account 65 years unexpired we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.