Top reasons for Pratt's Bottom lease extension

Top reasons for lease extension now:

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

When it comes to long leasehold property in Pratt's Bottom, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially when there are less than eighty years remaining. Leasehold owners in Pratt's Bottom with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. When a lease has below eighty years outstanding, under the relevant statute the freeholder is entitled to calculate and levy a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold homes. Many will simply refuse lend at all once the residual lease term drops beneath a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant where you are wanting to remortgage your Pratt's Bottom home.

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

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

Pratt's Bottom Lease Extension Case Summaries:

Chantelle, Pratt's Bottom, South East London,

Following protracted negotiations with the landlord of her studio apartment in Pratt's Bottom, Chantelle started the lease extension process just as her lease was approaching the crucial 80-year threshold. The lease extension was finalised in March 2006. The landlord’s charges were restricted to slightly above four hundred GBP.

Pratt's Bottom case:

Dr J Stewart bought a garden flat in Pratt's Bottom in August 2002. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparable properties in Pratt's Bottom with an extended lease were valued around £200,000. The average amount of ground rent was £50 collected yearly. The lease concluded in 2104. Taking into account 78 years remaining we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.