Main reasons to commence your Putney lease extension

Main reasons to start your Putney lease extension today:

Increase your lease and increase your Putney property value

The nearer a domestic lease in Putney nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, over 125 years to run then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. The majority of flat owners in Putney will qualify for this right; however a conveyancing solicitor should be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

Many mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Putney property being difficult to dispose of or to obtain finance on.

What makes us experts in Putney lease extensions?

Engaging our service will provide you enhanced control over the value of your Putney leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Putney Lease Extension Example Cases:

Jayden, Putney, South West London,

Jayden was the the leasehold owner of a 2 bedroom flat in Putney on the market with a lease of just over 59 years unexpired. Jayden on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jayden to exercise his statutory right. Jayden procured expert legal guidance and secured an acceptable resolution informally and sell the flat.

Putney case:

Last June we were phoned by Dr Jason Robinson , who bought a garden apartment in Putney in August 2006. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparable flats in Putney with an extended lease were valued about £233,200. The average amount of ground rent was £60 billed monthly. The lease end date was on 28 January 2087. Given that there were 61 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of expenses.