Main reasons to start your Pulborough lease extension

Why you should start your Pulborough lease extension today:

Increase your lease and increase your Pulborough property value

Pulborough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Pulborough enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Pulborough you must investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not finance a property with a short lease

Most banks and building societies will not lend on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Pulborough property being difficult to dispose of or to obtain finance on.

What makes us experts in Pulborough lease extensions?

Using our service will provide you enhanced control over the value of your Pulborough leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Pulborough Lease Extension Case Studies:

Gabriel, Pulborough, West Sussex

Last October Gabriel, came seriously near to the eighty-year mark with the lease on his garden apartment in Pulborough. In buying his property two decades ago, the unexpired term was of little significance. Thankfully, he noticed he would imminently be paying an inflated amount for a lease extension. Gabriel arranged for a lease extension at the eleventh hour last June. Gabriel and the freeholder subsequently settled on the final figure of £6,000 . If he not met the deadline, the premium would have escalated by at least £875.

Pulborough case:

Last Spring we were called by Mrs Y Stewart , who owned a one bedroom flat in Pulborough in April 1998. We are asked if we could estimate the price would be to extend the lease by ninety years. Comparable residencies in Pulborough with a long lease were in the region of £237,600. The average ground rent payable was £45 invoiced annually. The lease finished on 1 September 2093. Taking into account 67 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus costs.

Pulborough case:

In 2014 we were phoned by Mr and Mrs. F Parker who, having was assigned a lease of a studio flat in Pulborough in June 2006. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable premises in Pulborough with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 collected annually. The lease finished on 26 July 2103. Considering the 77 years remaining we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.