Top reasons for Pratt's Bottom lease extension

Main reasons to start your Pratt's Bottom lease extension today:

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

Pratt's Bottom leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Pratt's Bottom enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Pratt's Bottom you should check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 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.

Banks and Building Societies will not finance a property with a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining at the end of the mortgage. Considering plenty 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.

Why use us for your lease extension in Pratt's Bottom?

Using our service gives you better control over the value of your Pratt's Bottom leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pratt's Bottom Lease Extension Case Studies:

Jude, Pratt's Bottom, South East London,

Jude was the the leasehold proprietor of a studio flat in Pratt's Bottom being sold with a lease of fraction over 61 years outstanding. Jude on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jude to exercise his statutory right. Jude obtained expert advice and secured satisfactory resolution without going to tribunal and sell the flat.

Pratt's Bottom case:

Last year we were approach by Mrs Holly Khan , who was assigned a lease of a one bedroom flat in Pratt's Bottom in August 2004. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Similar premises in Pratt's Bottom with an extended lease were valued about £174,200. The mid-range amount of ground rent was £55 collected quarterly. The lease terminated in 2077. Taking into account 51 years unexpired we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus expenses.