Why you should commence your Petersham lease extension

Main reasons to start your Petersham lease extension today:

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

On the balance of probabilities if you own a flat in Petersham you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Petersham with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not grant a mortgage on a short lease

Many mortgage companies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this could result in your Petersham property being difficult to sell or to obtain finance on.

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

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

Petersham Lease Extension Example Cases:

Hollie, Petersham, South West London,

After protracted negotiations with the landlord of her ground floor apartment in Petersham, Hollie commenced the lease extension process as the 80 year deadline was fast advancing. The transaction completed in July 2009. The landlord’s costs were restricted to a tad over four hundred GBP.

Petersham case:

Last Summer we were phoned by Mr and Mrs. W Thompson , who acquired a garden apartment in Petersham in January 1997. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Petersham with a long lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected annually. The lease elapsed on 1 January 2099. Having 73 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.