Stop! Your Lease Extension in Anerley Could Be FREE

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Many leaseholders in Anerley 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 Anerley 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 Anerley lease extension

Why you should start your Anerley lease extension today:

A Anerley lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Anerley you actually own a long leasehold interest over your property

Anerley property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Anerley with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to grant a mortgage with a short lease

Banks and Building Societies are less likely to give a loan offer on a domestic flat in Anerley with a short lease. Many lenders simply refuse a mortgage on leases with less than 75 years remaining.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

Retaining our service will provide you better control over the value of your Anerley leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Anerley Lease Extension Case Summaries:

Isabella, Anerley, South East London,

After unsuccessful discussions with the landlord of her studio flat in Anerley, Isabella started the lease extension process as the eighty year mark was fast advancing. The lease extension was concluded in August 2015. The freeholder’s costs were restricted to below 500 pounds.

Anerley case:

Mr N Lewis acquired a first floor flat in Anerley in March 1997. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparative premises in Anerley with a long lease were valued about £198,800. The average amount of ground rent was £55 invoiced every twelve months. The lease lapsed in 2081. Having 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus professional charges.

Decision in Bromley

An example of a Lease Extension matter before the tribunal for a Anerley residence is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The unexpired term as at the valuation date was 26.38 years.