Stop! Your Lease Extension in Downe Could Be FREE

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Many leaseholders in Downe are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Downe has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Downe lease extension

Why you should commence your Downe lease extension today:

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

Chances are that if you own a flat in Downe you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Downe property becoming difficult to dispose of or to obtain finance on.

Lender Requirement
Barclays plc
Coventry Building Society
Godiva Mortgages
Skipton Building Society
Virgin

Get in touch with one of our Downe lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Downe,the lease extension solicitors 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 Downe valuers.

Downe Lease Extension Case Studies:

Charlie, Downe, South East London

Half a year ago Charlie, came precariously close to the eighty-year mark with the lease on his purpose- built flat in Downe. Having purchased his flat 19 years previously, the length of the lease was of minimal interest. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Charlie extended the lease at the eleventh hour last April. Charlie and the freeholder via the managing agents subsequently settled on an amount of £5,000 . If the lease had slid lower than 80 years, the premium would have escalated by at least £1,125.

Downe case:

Mr and Mrs. F Gray moved into a first floor apartment in Downe in November 2003. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative homes in Downe with an extended lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected per annum. The lease ran out on 9 September 2105. Having 79 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.

Decision in Bromley

An example of a Lease Extension case for a Downe flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The remaining number of years on the lease was 50.57 years.