Why you should start your Petersham lease extension
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Why you should start your Petersham lease extension today: </h3>
<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/petersham">Petersham</a> lease depreciates with the years remaining on the lease.
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For those whose Petersham flat is held on a long lease, the message is clear –
if you do nothing, your property will eventually revert to the freeholder, leaving you empty-handed.
The fewer the years remaining the less it is worth and the more it will cost to extend the lease.
<h4>Petersham property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
<h4>Mortgage lenders may not finance a property with a short lease</h4>
Most banks have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be insufficient security.
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<tr><th>Lender</th>
<th> Requirement
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<td>Chelsea Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Petersham? </h4>
<p> Engaging our service will provide you enhanced control over the value of your Petersham leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell.
The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Petersham Lease Extension Case Summaries:
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<h5> Jude, Petersham, South West London</h5>
<p> In 2014 Jude, came precariously close to the eighty-year threshold with the lease on his garden apartment in Petersham. In buying his home 19 years previously, the length of the lease was of no interest. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Jude was able to extend his lease at the eleventh hour in August. Jude and the landlord ultimately settled on sum of £5,500 . If he had missed the deadline, the figure would have increased by a minimum £1,100.
<h5>Petersham case:</h5>
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Last Summer we were contacted by Ms Isabella Leroy , who
completed a studio flat in Petersham in September 1997. The question was if we could estimate the price would likely be to prolong the lease by ninety years. Comparative residencies in Petersham with an extended lease were valued about £267,600. The average amount of ground rent was £65 invoiced yearly. The lease concluded on 28 June 2093. Considering the 67 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 plus expenses.
<div> <h5>Decision in Hounslow</h5>
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An example of a Lease Extension case for a Petersham property is
Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900
This case related to 1 flat. The unexpired lease term was 60.45 years.
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