Anerley Lease Extension - Free Consultation

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Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should start your Anerley lease extension

Why you should commence your Anerley lease extension today:

Increase your lease and increase your Anerley property value

Chances are that if you own a flat in Anerley you actually own a long leasehold interest over your property

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

Leasehold residencies in Anerley with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not lend on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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.
Coventry Building Society 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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

Lease extensions in Anerley can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.

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 a wealth of experience procuring Anerley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Anerley Lease Extension Example Cases:

Logan, Anerley, South East London

Two years ago Logan, came dangerously close to the eighty-year mark with the lease on his first floor apartment in Anerley. In buying his home 18 years previously, the length of the lease was of no interest. by good luck, he noticed he would soon be paying an escalated premium for Extending the lease. Logan arranged for a lease extension just under the wire in August. Logan and the landlord who owned the flat above ultimately agreed on sum of £6,000 . If the lease had dropped below 80 years, the figure would have increased by a minimum £875.

Anerley case:

Last month we were called by Mr and Mrs. V Phillips , who owned a recently refurbished apartment in Anerley in April 2000. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Identical properties in Anerley with 100 year plus lease were in the region of £208,600. The average ground rent payable was £60 billed annually. The lease ended on 17 July 2082. Considering the 57 years unexpired we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of legals.

Decision in Bromley

An example of a Lease Extension matter before the tribunal for a Anerley premises 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 residue of the current lease was 26.38 years.