Main reasons to commence your Pulborough lease extension

Why you should commence your Pulborough lease extension today:

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

The value of Pulborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as inadequate for lending purposes.

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

Lease extensions in Pulborough can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Pulborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pulborough Lease Extension Example Cases:

Joseph, Pulborough, West Sussex,

Joseph owned a conversion flat in Pulborough being sold with a lease of just over 72 years outstanding. Joseph informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joseph to invoke his statutory right. Joseph procured expert advice and secured an acceptable resolution without resorting to tribunal and sell the flat.

Pulborough case:

Last Autumn we were e-mailed by Dr B Michel , who moved into a one bedroom flat in Pulborough in January 2000. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparative residencies in Pulborough with an extended lease were valued about £280,000. The average ground rent payable was £55 invoiced annually. The lease terminated in 2105. Having 79 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of costs.

Pulborough case:

Last year we were e-mailed by Mrs V Rogers , who was assigned a lease of a studio flat in Pulborough in May 2004. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar flats in Pulborough with a long lease were valued around £193,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease finished on 23 October 2085. Having 59 years as a residual term we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including legals.