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Why you should commence your Catford lease extension

Main reasons to commence your Catford lease extension today:

A Catford lease depreciates with the years remaining on the lease.

For anyone whose Catford flat is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

Catford property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to finance a property with a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term falls under a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant where you are wanting to remortgage your Catford property.

Lender Requirement
Chelsea Building Society 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.
National Westminster Bank Mortgage term plus 30 years.
Royal Bank of Scotland 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.

Why use us for your lease extension in Catford?

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

Catford Lease Extension Example Cases:

Megan, Catford, South East London,

After unsuccessful discussions with the landlord of her ground floor apartment in Catford, Megan initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The legal work was finalised in October 2007. The freeholder’s fees were negotiated to about 650 GBP.

Catford case:

Mrs Samantha Miller bought a first floor flat in Catford in April 2011. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar properties in Catford with an extended lease were valued around £232,800. The average ground rent payable was £45 billed per annum. The lease elapsed in 2090. Taking into account 65 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.

Decision in Lewisham

An example of a Freehold Enfranchisement decision for a Catford premises is 44 Elmer Road in January 2013. The Tribunal dacied that amount to be paid by the Leaseholders for the Landlords freehold reversion was £12,951 as at the valuation date (20" September 2012).This matter was referred back to the Bromley County Court to deal with costs, fees and any other outstanding matters. This case related to 2 flats. The unexpired term as at the valuation date was 74.25 years.