Streatham Lease Extension - Free Consultation

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Why you should commence your Streatham lease extension


Main reasons to start your Streatham lease extension today:

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

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

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not grant a mortgage with a short lease

Lending institutions are less likely to issue a loan offer on a residential property in Streatham with a short lease. Some lenders simply refuse to lend on leases with below 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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 Streatham?

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

Streatham Lease Extension Case Summaries:

Jessica, Streatham, South London,

In the wake of eight months of unsuccessful correspondence with the freeholder of her garden flat in Streatham, Jessica commenced the lease extension process as the 80 year deadline was swiftly coming. The transaction was concluded in March 2010. The freeholder’s charges were negotiated to less than 450 GBP.

Streatham case:

Dr D Bertrand purchased a recently refurbished apartment in Streatham in October 1997. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Identical properties in Streatham with 100 year plus lease were worth £254,200. The average amount of ground rent was £60 billed quarterly. The lease terminated on 22 May 2076. Having 51 years remaining we approximated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 plus expenses.

Decision in Lambeth

An example of a Lease Extension decision for a Streatham residence is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case was in relation to 1 flat. The unexpired lease term was 23.25 years.