Stop! Your Lease Extension in Petts Wood Could Be FREE

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Many leaseholders in Petts Wood 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 Petts Wood 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 start your Petts Wood lease extension

Why you should start your Petts Wood lease extension today:

A Petts Wood leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Petts Wood you actually own a long leasehold interest over your property

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

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

Banks and Building Societies will not lend with a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Petts Wood property being difficult to dispose of or to obtain finance on.

Lender Requirement
Accord Mortgages 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.
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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

What makes us experts in Petts Wood lease extensions?

Lease extensions in Petts Wood can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 dealing with Petts Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Petts Wood Lease Extension Example Cases:

Callum, Petts Wood, Kent

Half a year ago Callum, started to get close to the eighty-year threshold with the lease on his garden flat in Petts Wood. Having bought his flat 18 years ago, the lease term was of little interest. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Callum arranged for a lease extension just ahead of time last July. Callum and the landlord who owned the flat above in the end settled on sum of £5,000 . If he had missed the deadline, the figure would have escalated by at least £975.

Petts Wood case:

Mrs Isabel André took over the lease of a studio flat in Petts Wood in June 2012. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Petts Wood with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 collected monthly. The lease terminated on 3 August 2077. Having 51 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of costs.

Decision in Bromley

An example of a Lease Extension case for a Petts Wood residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The remaining number of years on the lease was 50.57 years.