Portsmouth Lease Extension

The city of Portsmouth is situated on the south coast of England and is popular amongst anyone who wants to live in a coastal area without the need to break the bank. This is, in part, due to its large percentage of flats and leasehold properties.

Portsmouth is almost entirely located on Portsea Island, making it the UK’s only island city. It is also the only city in the UK with a higher population density than London (at 11 times the national average), with more than 205,000 people living in the city, making it the 6th largest urban area in England.

When you add that to the fact that between 2001 and 2011, Portsmouth’s population has increased by 9.8%, you’ll see why the area has a particularly large number of flats – both new builds and conversions.

But if you do own a flat in Portsmouth – have you thought about extending your lease? In fact, are you even aware that you have the legal right to force your freeholder to grant you an additional 90 years to add onto the current remaining term of your lease?

WHY EXTEND MY LEASE?

You’ll find more detailed explanation elsewhere on the site on exactly why a lease extension is so important – but in brief, if you don’t extend your lease you risk the following problems;

  • Trying to sell a flat with a short lease is getting increasingly difficult. Buyers generally prefer leases with longer terms, and more and more mortgage lenders are getting reluctant to grant mortgages on short leases – before the recession it wasn’t unusual to see home loans provided for flats with, say, 50 or 60 years left to run – now most mortgage companies require around 70 to 80 years remaining on a lease
  • At some stage your flat is going to need a leasehold extension – unless you’re happy to simply hand ownership back to the freeholder
  • Everyday you delay extending a lease is likely to cost you more money. Firstly the shorter your lease the more it will cost to extend it, and secondly, with house prices rising, that means that the premium you need to pay to your landlord is going up too – in fact a reputable firm of specialist lease extension surveyors recently estimated that in London, the price of extending the average lease was going up by a staggering 12% each and every year!

SO WHY CHOOSE US TO HELP EXTEND YOUR LEASE?

  •  We are genuine specialists – which is so important and given the complexity of lease extension law
  •  We have the proven experience you need – we’ve completed thousands of lease extensions for satisfied clients over the last 20 years  – Just click here to read testimonials from just some of our satisfied clients
  •  We provide FREE initial advice over the phone
  •  We can handle your lease extension from beginning to the end. Our team will deal with all the paperwork and can identify and appoint on your behalf, if you wish, a specialist leasehold extension valuer – an expert surveyor who you will need to provide a price for your lease extension, and who will help in negotiations of reasonable premium with whoever owns the freehold of your block

YOUR PORTSMOUTH LEASE EXTENSION – GIVE US A RING TODAY

If you live in Portsmouth and you are thinking about extending your lease, just contact us now for FREE specialist advice with no strings attached.

  •  Just call one of our team now on FREEPHONE 0800 1404544 or [01722] 422300 OR
  •  Email us using the contact form below

Comments or questions are welcome.

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