Top reasons for Putney Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Putney Heath property value

Chances are that 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 residencies in Putney Heath with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to grant a mortgage with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone intending to purchase your property in the future might well do, so in the event that they are unable to get a mortgage, then the market price of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Putney Heath?

Irrespective of whether you are a tenant or a landlord in Putney Heath,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Putney Heath valuers.

Putney Heath Lease Extension Case Studies:

Emma, Putney Heath, South West London,

After lengthy negotiations with the landlord of her one bedroom flat in Putney Heath, Emma commenced the lease extension process as the eighty year deadline was swiftly nearing. The lease extension was concluded in July 2011. The landlord’s charges were restricted to less than 600 pounds.

Putney Heath case:

Mrs Alexandra Leroy acquired a basement apartment in Putney Heath in July 2007. The question was if we could estimate the premium could be for a 90 year lease extension. Identical properties in Putney Heath with 100 year plus lease were worth £250,400. The average ground rent payable was £65 invoiced yearly. The lease ran out on 27 March 2090. Given that there were 64 years remaining we estimated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 plus costs.