Main reasons to start your Petersham lease extension

Why you should start your Petersham lease extension today:

A Petersham lease depreciates with the years remaining on the lease.

The value of Petersham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not grant a mortgage with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Petersham property becoming difficult to sell or to obtain finance on.

Get in touch with one of our Petersham lease extension solicitors or enfranchisement solicitors

Lease extensions in Petersham can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.

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 Petersham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Petersham Lease Extension Case Summaries:

Edward, Petersham, South West London

Two years ago Edward, came critically near to the 80-year mark with the lease on his first floor apartment in Petersham. In buying his property twenty years ago, the length of the lease was of little relevance. Luckily, he noticed he would soon be paying an escalated premium for Extending the lease. Edward extended the lease just in the nick of time in May. Edward and the landlord who owned the flat above ultimately settled on the final figure of £5,500 . If he failed to meet the deadline, the sum would have escalated by a minimum £1,000.

Petersham case:

Last month we were called by Mr and Mrs. H Sánchez , who acquired a garden flat in Petersham in February 2012. The question was if we could approximate the premium could be to prolong the lease by ninety years. Comparative flats in Petersham with a long lease were valued about £233,200. The average amount of ground rent was £60 invoiced quarterly. The lease came to a finish on 5 August 2087. Given that there were 61 years outstanding we estimated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 plus expenses.