Main reasons to start your Balham lease extension

Why you should start your Balham lease extension today:

A Balham leasehold property depreciates with the years remaining on the lease.

Balham residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders do not grant a mortgage on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Balham if the unexpired lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Balham?

The lawyers that we work with procure Balham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Balham Lease Extension Case Studies:

Nicole, Balham, South West London,

After lengthy discussions with the freeholder of her first floor apartment in Balham, Nicole commenced the lease extension process just as the lease was approaching the crucial eighty-year mark. The transaction was concluded in September 2009. The freeholder’s fees were kept to an absolute minimum.

Balham case:

Ms T Sharif completed a one bedroom flat in Balham in July 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative premises in Balham with an extended lease were in the region of £227,800. The average amount of ground rent was £45 invoiced monthly. The lease ended on 1 February 2091. Having 65 years as a residual term we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of costs.