Why you should start your Balham lease extension

Why you should start your Balham lease extension today:

Increase your lease and increase your Balham property value

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

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

Many mortgage lenders will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Balham property being difficult to sell or to obtain finance on.

What makes us experts in Balham lease extensions?

Irrespective of whether you are a tenant or a freeholder in Balham,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Balham valuers.

Balham Lease Extension Case Summaries:

Nathan, Balham, South West London

Two years ago Nathan, came very close to the 80-year threshold with the lease on his two bedroom apartment in Balham. Having bought his home 18 years previously, the length of the lease was of little bearing. by good luck, he recognised he would soon be paying an inflated amount for Extending the lease. Nathan was able to extend his lease just under the wire in June. Nathan and the freeholder via the management company ultimately settled on a premium of £5,500 . If he had missed the deadline, the price would have escalated by a minimum £1,075.

Balham case:

Mr and Mrs. I Brown bought a garden apartment in Balham in May 2010. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Similar residencies in Balham with 100 year plus lease were valued around £208,200. The average ground rent payable was £65 collected per annum. The lease ended in 2087. Given that there were 61 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 exclusive of expenses.