Why you should start your Putney Heath lease extension

Why you should start your Putney Heath lease extension today:

A Putney Heath lease depreciates with the years remaining on the lease.

With a domestic leasehold premises in Putney Heath, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Residents in Putney Heath with a lease drawing near to 81 years unexpired should seriously think of extending it sooner rather than later. Once a lease has under 80 years left, under the current legislation the landlord can calculate and charge a greater premium, assessed on a technical computation, known as “marriage value” which is due.

Putney Heath property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Why use us for your lease extension in Putney Heath?

Using our service gives you increased control over the value of your Putney Heath leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Putney Heath Lease Extension Example Cases:

Zachary, Putney Heath, South West London

Last Spring Zachary, started to get near to the 80-year mark with the lease on his first floor apartment in Putney Heath. In buying his property two decades ago, the lease term was of little concern. Luckily, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Zachary extended the lease just in the nick of time last April. Zachary and the freeholder via the managing agents in the end agreed on an amount of £5,500 . If the lease had gone lower than eighty years, the figure would have become more costly by at least £875.

Putney Heath case:

In 2012 we were contacted by Dr Victoria Davis who, having was assigned a lease of a one bedroom flat in Putney Heath in April 2010. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Comparative premises in Putney Heath with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease finished in 2098. Considering the 72 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.