Main reasons to start your Paddock Wood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Paddock Wood property value

Paddock Wood leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Paddock Wood tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Paddock Wood you would be well advised to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Paddock Wood flat owner with a lease having around eighty years left should take steps to make sure that a lease extension is actioned without delay

Paddock Wood property with a lease extension has roughly the same value as a freehold

Leasehold premises in Paddock Wood with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

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

Lenders are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Paddock Wood were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Paddock Wood lease extensions?

Irrespective of whether you are a tenant or a landlord in Paddock Wood,the lease extension lawyers 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 Paddock Wood valuers.

Paddock Wood Lease Extension Example Cases:

Blake, Paddock Wood, Kent,

Blake owned a high value flat in Paddock Wood on the market with a lease of fraction over 59 years outstanding. Blake informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Blake to invoke his statutory right. Blake procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Paddock Wood case:

In 2012 we were e-mailed by Mrs Daisy Howard who, having moved into a ground floor apartment in Paddock Wood in November 2005. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Paddock Wood with a long lease were worth £242,600. The mid-range ground rent payable was £45 invoiced monthly. The lease concluded on 5 April 2093. Taking into account 67 years left we approximated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including expenses.

Paddock Wood case:

Dr Chantelle Reed owned a first floor apartment in Paddock Wood in March 2004. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar flats in Paddock Wood with an extended lease were worth £280,000. The mid-range ground rent payable was £55 collected yearly. The lease ran out in 2104. Considering the 78 years remaining we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.