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Why you should commence your Brixton lease extension

Why you should commence your Brixton lease extension today:

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

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

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions will not lend with a short lease

The trend since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by banks has increased. Historically mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Brixton?

Lease extensions in Brixton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 Brixton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brixton Lease Extension Example Cases:

Abigail, Brixton, South London,

In the wake of 6 months of lengthy correspondence with the landlord of her basement flat in Brixton, Abigail started the lease extension process just as her lease was nearing the all-important eighty-year mark. The lease extension was finalised in September 2012. The landlord’s costs were kept to an absolute minimum.

Brixton case:

In 2009 we were approached by Mr and Mrs. R González who, having owned a studio apartment in Brixton in August 2000. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Identical flats in Brixton with 100 year plus lease were worth £265,200. The mid-range amount of ground rent was £65 billed quarterly. The lease ended in 2091. Given that there were 66 years outstanding we approximated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 plus costs.

Decision in Lambeth

An example of a Freehold Enfranchisement matter before the tribunal for a Brixton property is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case was in relation to 3 flats. The unexpired term was 72.58 years.