Why you should commence your Petts Wood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Petts Wood property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Petts Wood. Inevitably, the period of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the property needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Petts Wood have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give due deliberation before putting off your Petts Wood lease extension. Holding off the cost now likely increases the price you will ultimately have to pay for a lease extension

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

Leasehold premises in Petts Wood with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not finance a property with a short lease

Lenders will not lend on short residential leases. You are likely to encounter difficulties if you want to sell your flat in Petts Wood if the remaining lease term is under the criteria set by the majority of lenders. Different mortgage companies have varying criteria but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Petts Wood?

Regardless of whether you are a tenant or a freeholder in Petts Wood,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Petts Wood valuers.

Petts Wood Lease Extension Case Studies:

Natalie, Petts Wood, Kent,

Trailing lengthy discussions with the freeholder of her leasehold flat in Petts Wood, Natalie started the lease extension process as the eighty year deadline was swiftly coming. The lease extension was concluded in January 2014. The landlord’s fees were negotiated to approximately 500 GBP.

Petts Wood case:

Mr and Mrs. V Evans owned a purpose-built flat in Petts Wood in August 1999. 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 residencies in Petts Wood with an extended lease were valued around £181,600. The mid-range ground rent payable was £55 collected quarterly. The lease end date was in 2078. Given that there were 52 years unexpired we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus fees.