Latest blog posts

Selling a Flat with a Short Lease

Monday, 6th July 2020 | by: Matthew Price

One of the most common reasons for leaseholders wanting to extend their leases is the need to sell. A property's value decreases along with the lease, with a 70-year lease worth around 90% of a 100-year lease, whilst a 60-year lease is more like 80%. The basic mathematics of the lease extension process means that the cost of extending, plus ... Read more >>

It has been 100 days since Boris Johnson announced in a televised address, that the UK was to go into lockdown. At the time, Peter Barry Surveyors were quick to act and implement working practices that protected our clients and our staff with the wider scope for desktop studies for lease extensions and freehold acquisitions being a perfect ... Read more >>

As we all adjust to the new reality of home working everyone is having to adjust the way they do business. Residential surveying is founded on the need to visit and inspect people's homes and properties, but there are many types of work that with small adjustments can still function remotely. Desktop Reports A report for a lease extension can be ... Read more >>

Buying your Freehold – A Simple Example

Tuesday, 4th February 2020 | by: Matthew Price

We have previously covered worked examples of how a typical lease extension works but never freehold purchases (enfranchisements) as these are more complicated.It shouldn't really be this way, so this article will look at a typical scenario that Peter Barry encounters with a focus on simplicity. Part 1 - The Basics Of all the flat owners in ... Read more >>

A Fair Lease Extension?

Friday, 10th January 2020 | by: Matthew Price

One common type of enquiry we receive at Peter Barry, involves a leaseholder who's freeholder also resides in a property in the same building.  The leaseholder wants to extend their lease. As the two parties are neighbours, is it possible to grant this but it will still depend on particular circumstances. Leaseholder owns Share of Freehold If ... Read more >>

Right of first refusal (RFR) is invoked when the freeholder (landlord) wants to sell their interest in a building that is subject to RFR legislation and they are required under the Landlord and Tenant Act 1987 (the “1987 Act”) to offer this interest to the leaseholders first.This can be the entire freehold, part of the building or common ... Read more >>

Leasehold properties: What you need to know before you purchase

Tuesday, 20th November 2018 | by: Matthew Price

Leasehold properties: What you need to know before you purchaseWritten By Matthew Price of Peter Barry Surveyors & Matthew Barrett of Thirsk Winton LLPThere are many things to consider when deciding whether to purchase leasehold property. Such properties are, by necessity, burdened by greater legal and valuation complexities and it ... Read more >>

Deed of Variation – A move to fairer Ground Rents?

Thursday, 22nd February 2018 | by: Matthew Price

Back in the middle of 2017, Taylor Wimpey amongst a few others, received blanket bad press for their involvement in the selling of leasehold houses, which included very aggressive ground rents. Headlines such as “£9,000 per year Ground Rent” and “Newlyweds unable to sell home due to legal catch that sees ground rent DOUBLE every decade” ... Read more >>

Guide to Informal Lease Extensions

Wednesday, 20th September 2017 | by: Matthew Price

The Leasehold Reform and Urban Development Act, 1993, establishes the valuation basis and legal framework for leaseholders to extend their lease (as well as enfranchise). The most common way to enact the Act, is to serve a Section 42 notice with the help of a specialist solicitor, but this does come with a raft of stipulations and costs, and is a ... Read more >>

Realities of Leasehold Ownership

Thursday, 22nd June 2017 | by: Matthew Price

The increasingly dire chances for first time buyers to get on the property ladder in London are well documented in the press. Those that hoped the Brexit vote or even the triggering of article 50 would soften prices have not yet seen their hopes realised as the average asking price in London reached £636,777 in April 2017. Properties purchased by ... Read more >>

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