Why you should start your Purley lease extension

Main reasons to start your Purley lease extension today:

Increase your lease and increase your Purley property value

The only way is down when it comes to Purley lease terms. Purley flats that have a remaining term lower than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is likely that someone wishing to buy your property in the future might well do, so where they can't secure a mortgage, then the value of your property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Purley lease extensions?

Lease extensions in Purley can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 Purley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Purley Lease Extension Case Summaries:

George, Purley, South London

Last October George, started to get near to the 80-year threshold with the lease on his basement apartment in Purley. In buying his flat 18 years ago, the unexpired term was of little interest. by good luck, he noticed he would imminently be paying an inflated amount for a lease extension. George arranged for a lease extension just under the wire last April. George and the freeholder eventually settled on a premium of £5,000 . If he failed to meet the deadline, the premium would have increased by at least £900.

Purley case:

Dr E Patel completed a one bedroom flat in Purley in July 2009. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative properties in Purley with a long lease were valued about £265,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease ended in 2099. Taking into account 73 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.