Stop! Your Lease Extension in Putney Could Be FREE

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Many leaseholders in Putney are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Putney has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Putney lease extension

Top reasons for lease extension now:

A Putney leasehold property depreciates with the years remaining on the lease.

The value of Putney leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Putney with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not loan monies on a short lease

Banks and building societies are really restricting their approach as regards to homes in Putney with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of potential purchasers.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Putney lease extension solicitors or enfranchisement solicitors

Lease extensions in Putney can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring 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 Example Cases:

Bethany, Putney, South West London,

Following protracted correspondence with the freeholder of her studio flat in Putney, Bethany started the lease extension process just as the lease was approaching the critical eighty-year threshold. The transaction completed in April 2005. The freeholder’s costs were negotiated to about 500 pounds.

Putney case:

In 2012 we were phoned by Dr Y Morgan who, having purchased a basement apartment in Putney in November 2004. We are asked if we could approximate the price would be to prolong the lease by ninety years. Identical premises in Putney with a long lease were valued about £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ended in 2101. Given that there were 75 years left we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including professional charges.

Decision in Wandsworth

An example of a Freehold Enfranchisement case for a Putney property is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired term as at the valuation date was 66.25 years.