Top reasons for Purfleet lease extension

Main reasons to start your Purfleet lease extension today:

A Purfleet lease depreciates with the years remaining on the lease.

For those whose Purfleet property is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to loan monies with a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Purfleet property being difficult to sell or to obtain finance on.

What makes us experts in Purfleet lease extensions?

Using our service gives you increased control over the value of your Purfleet leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Purfleet Lease Extension Case Summaries:

Chantelle, Purfleet, Essex,

After unsuccessful discussions with the freeholder of her one bedroom flat in Purfleet, Chantelle commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The legal work was finalised in October 2011. The freeholder’s charges were kept to an absolute minimum.

Purfleet case:

In 2011 we were called by Mr and Mrs. J Jackson who, having bought a studio apartment in Purfleet in October 1997. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable properties in Purfleet with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease finished on 11 July 2098. Taking into account 74 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.