Why you should start your Putney Heath lease extension

Why you should start your Putney Heath lease extension today:

Increase your lease and increase your Putney Heath property value

On the balance of probabilities if you own a flat in Putney Heath you actually own a long leasehold interest over your property

Putney Heath property with a lease extension has roughly the same value as a freehold

Leasehold properties in Putney Heath with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not loan monies on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops under a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Putney Heath property.

What makes us experts in Putney Heath lease extensions?

The conveyancing solicitors that we work with procure Putney Heath lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Putney Heath Lease Extension Example Cases:

Toby, Putney Heath, South West London,

Toby was the the leasehold owner of a conversion apartment in Putney Heath being marketed with a lease of a little over 72 years unexpired. Toby informally approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Toby to invoke his statutory right. Toby procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.

Putney Heath case:

Last Spring we were called by Dr Stanley Flores , who took over the lease of a one bedroom apartment in Putney Heath in July 2004. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical residencies in Putney Heath with a long lease were valued about £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ran out on 7 November 2102. Having 76 years remaining we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.