Main reasons to start your Putney lease extension

Main reasons to commence your Putney lease extension today:

Increase your lease and increase your Putney property value

Putney leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Putney enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Putney you must check if your lease has between seventy and 90 years left. There are good reasons why a Putney flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is put in place without delay

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

Leasehold residencies in Putney with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions will not loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. Given that many flats in Putney were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Putney lease extensions?

The conveyancers that we work with handle Putney 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 Lease Extension Case Summaries:

Jasper, Putney, South West London

Two years ago Jasper, came precariously close to the eighty-year threshold with the lease on his leasehold flat in Putney. In buying his property twenty years ago, the lease term was of no importance. Thankfully, he noticed he would soon be paying way over the odds for Extending the lease. Jasper was able to extend his lease just under the wire in April. Jasper and the freeholder subsequently agreed on sum of £6,000 . If he had missed the deadline, the premium would have escalated by a minimum £1,050.

Putney case:

Last Winter we were e-mailed by Mr Joseph Hill , who purchased a first floor apartment in Putney in February 2008. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar properties in Putney with a long lease were in the region of £213,600. The average amount of ground rent was £60 collected annually. The lease ran out on 26 March 2083. Taking into account 57 years outstanding we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of fees.