Main reasons to commence your Pitstone lease extension

Why you should start your Pitstone lease extension today:

Increase your lease and increase your Pitstone property value

Pitstone leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Pitstone residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Pitstone you should check if your lease has between seventy and ninety years remaining. There are good reasons why a Pitstone flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This may be problematic when you come to dispose of or remortgage your property as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your purchaser will need to hold off for 2 years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Pitstone?

Regardless of whether you are a tenant or a freeholder in Pitstone,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Pitstone valuers.

Pitstone Lease Extension Case Summaries:

Sam, Pitstone, Buckinghamshire,

Sam was the the leasehold proprietor of a conversion flat in Pitstone on the market with a lease of a little over 72 years remaining. Sam on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Sam to invoke his statutory right. Sam obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Pitstone case:

Last Winter we were contacted by Ms Sarah Campbell , who owned a studio flat in Pitstone in September 2008. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar properties in Pitstone with an extended lease were valued about £193,400. The mid-range ground rent payable was £65 billed quarterly. The lease elapsed in 2085. Given that there were 59 years outstanding we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including legals.

Pitstone case:

In 2012 we were called by Mr and Mrs. T Smith who, having owned a newly refurbished apartment in Pitstone in February 1995. The question was if we could approximate the premium would likely be for a ninety year lease extension. Comparable residencies in Pitstone with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 billed every twelve months. The lease ended in 2096. Considering the 70 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.