Main reasons to start your Preston Park lease extension

Why you should commence your Preston Park lease extension today:

Increase your lease and increase your Preston Park property value

On the balance of probabilities where you own a flat in Preston Park you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

Lenders are tightening their criteria and many now want flats to have at least 60 if not 70 years left once the mortgage has expired. As plenty of flats in Preston Park were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

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

Irrespective of whether you are a tenant or a freeholder in Preston Park,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 Preston Park valuers.

Preston Park Lease Extension Case Studies:

Freya, Preston Park, East Sussex,

In the wake of 6 months of lengthy correspondence with the landlord of her purpose-built flat in Preston Park, Freya started the lease extension process as the 80 year threshold was rapidly advancing. The lease extension was finalised in June 2014. The landlord’s fees were restricted to under 500 GBP.

Preston Park case:

In 2010 we were approached by Mr R Miller who, having bought a purpose-built flat in Preston Park in June 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative flats in Preston Park with 100 year plus lease were in the region of £246,800. The mid-range amount of ground rent was £60 billed annually. The lease terminated in 2076. Considering the 50 years left we calculated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 not including costs.

Preston Park case:

In 2009 we were e-mailed by Mrs O Allen who, having moved into a one bedroom flat in Preston Park in February 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Preston Park with a long lease were valued about £203,200. The mid-range ground rent payable was £65 invoiced quarterly. The lease ran out in 2087. Considering the 61 years remaining we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of legals.