Why you should start your Purfleet lease extension

Top reasons for lease extension now:

Increase your lease and increase your Purfleet property value

It’s a harsh truth that a Purfleet residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Purfleet property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher amount will be payable. Most flat owners in Purfleet will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer throughout the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Many mortgage companies require a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of your property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Purfleet lease extensions?

Lease extensions in Purfleet can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 a wealth of experience dealing with Purfleet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Purfleet Lease Extension Case Summaries:

Jasmine, Purfleet, Essex,

Off the back of protracted discussions with the freeholder of her one bedroom flat in Purfleet, Jasmine commenced the lease extension process as the 80 year deadline was fast nearing. The legal work was concluded in September 2008. The landlord’s costs were kept to an absolute minimum.

Purfleet case:

Mr and Mrs. J Reed bought a one bedroom apartment in Purfleet in October 2005. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar flats in Purfleet with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 invoiced annually. The lease finished on 11 March 2093. Given that there were 67 years outstanding we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of professional charges.