Why you should start your Petworth lease extension

Main reasons to commence your Petworth lease extension today:

Increase your lease and increase your Petworth property value

Petworth leases on residential properties are gradually losing value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Petworth will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not be entitled. There are prescribed deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.

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 roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably experience problems if you wish to sell your flat in Petworth if the remaining lease term is below the criteria set by most banks and building societies. Different lenders have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Petworth lease extensions?

Using our service gives you enhanced control over the value of your Petworth leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Petworth Lease Extension Example Cases:

Amelia, Petworth, West Sussex,

After lengthy negotiations with the landlord of her first floor flat in Petworth, Amelia initiated the lease extension process just as the lease was coming close to the critical 80-year deadline. The legal work was finalised in July 2012. The landlord’s fees were kept to an absolute minimum.

Petworth case:

Dr Jayden Brown acquired a ground floor apartment in Petworth in October 2007. We are asked if we could estimate the price could be to extend the lease by 90 years. Similar residencies in Petworth with 100 year plus lease were worth £243,000. The mid-range ground rent payable was £65 collected yearly. The lease elapsed in 2089. Given that there were 63 years as a residual term we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 not including fees.

Petworth case:

Mr Eli Simon took over the lease of a newly refurbished flat in Petworth in October 1998. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Petworth with 100 year plus lease were worth £181,600. The average ground rent payable was £55 billed quarterly. The lease ended in 2078. Having 52 years remaining we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus costs.