Stop! Your Lease Extension in Forest Hill Could Be FREE

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Many leaseholders in Forest Hill 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 Forest Hill 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 start your Forest Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Forest Hill property value

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

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

Leasehold premises in Forest Hill with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not grant a mortgage with a short lease

Many mortgage lenders require a lengthy amount of time left on a leasehold property before they will consider lending on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wishing to purchase your property in the future might well do, so where they can't secure a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Irrespective of whether you are a tenant or a landlord in Forest Hill,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Forest Hill valuers.

Forest Hill Lease Extension Example Cases:

Erin, Forest Hill, South East London,

Subsequent to protracted discussions with the landlord of her two bedroom apartment in Forest Hill, Erin started the lease extension process as the eighty year mark was fast coming. The legal work completed in June 2005. The landlord’s costs were negotiated to about 600 GBP.

Forest Hill case:

Last Spring we were e-mailed by Mr and Mrs. R David , who bought a basement apartment in Forest Hill in January 2004. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparative residencies in Forest Hill with a long lease were valued about £191,000. The average amount of ground rent was £65 collected per annum. The lease terminated on 7 September 2084. Considering the 58 years unexpired we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of legals.

Decision in Lewisham

An example of a Lease Extension decision for a Forest Hill property is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case related to 1 flat. The unexpired term as at the valuation date was 61.81 years.