Main reasons to start your Putney lease extension

Top reasons for lease extension now:

Increase your lease and increase your Putney property value

The closer a domestic lease in Putney gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 99 years to run then this decrease may be fractional that being said there will become a point in time when a lease has less 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 main 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 lawyer will be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Putney with more than one hundred years outstanding on the lease are sometimes regarded as a ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Putney with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of prospective buyers.

Why use us for your lease extension in Putney?

Lease extensions in Putney can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Putney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Putney Lease Extension Case Studies:

Natasha, Putney, South West London,

In the wake of 9 months of lengthy negotiations with the landlord of her two bedroom apartment in Putney, Natasha initiated the lease extension process as the eighty year threshold was rapidly coming. The lease extension was concluded in July 2011. The landlord’s fees were negotiated to under six hundred pounds.

Putney case:

Last Christmas we were e-mailed by Ms Kirsty Morgan , who moved into a basement flat in Putney in November 1998. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Putney with 100 year plus lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease expiry date was in 2079. Considering the 53 years remaining we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.