Stop! Your Lease Extension in Pratt's Bottom Could Be FREE

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Many leaseholders in Pratt's Bottom are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Pratt's Bottom has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Pratt's Bottom lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pratt's Bottom property value

The market value of Pratt's Bottom leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

Pratt's Bottom property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to finance a property on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that a number of flats in Pratt's Bottom were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Lender Requirement
Barnsley Building Society
Godiva Mortgages
National Westminster Bank
TSB
Yorkshire Building Society

What makes us experts in Pratt's Bottom lease extensions?

Irrespective of whether you are a tenant or a landlord in Pratt's Bottom,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Pratt's Bottom valuers.

Pratt's Bottom Lease Extension Case Summaries:

Sam, Pratt's Bottom, South East London

During the course of the last few months Sam, started to get close to the eighty-year mark with the lease on his purpose- built apartment in Pratt's Bottom. Having bought his home two decades ago, the lease term was of little significance. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Sam was able to extend his lease just under the wire in May. Sam and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If he not met the deadline, the price would have gone up by a minimum £1,000.

Pratt's Bottom case:

In 2010 we were e-mailed by Mrs E Collins who, having purchased a purpose-built apartment in Pratt's Bottom in October 2002. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar properties in Pratt's Bottom with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 invoiced annually. The lease expired in 2081. Having 55 years left we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of fees.

Decision in Bromley

An example of a Lease Extension matter before the tribunal for a Pratt's Bottom residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The remaining number of years on the lease was 50.57 years.