Top reasons for Bermondsey lease extension

Main reasons to start your Bermondsey lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bermondsey have the right to extend the lease for a further ninety years under legislation. Do give careful consideration before delaying your Bermondsey lease extension. Shelving the costs now simply increases the premium you will eventually have to pay for a lease extension.

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as insufficient security.

Why use us for your lease extension in Bermondsey?

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

Bermondsey Lease Extension Case Summaries:

Eliot, Bermondsey, South East London,

Eliot was the the leasehold owner of a conversion flat in Bermondsey being sold with a lease of a little over 61 years remaining. Eliot on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Eliot to exercise his statutory right. Eliot obtained expert advice and secured an acceptable resolution without going to tribunal and sell the property.

Bermondsey case:

Dr Hugo Lefebvre acquired a first floor apartment in Bermondsey in August 2004. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Similar homes in Bermondsey with 100 year plus lease were worth £225,800. The mid-range amount of ground rent was £60 billed per annum. The lease finished in 2086. Considering the 60 years unexpired we estimated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 plus legals.