Stop! Your Lease Extension in Thamesmead Could Be FREE

Get a Free Case Review
Many leaseholders in Thamesmead 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 Thamesmead 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 Thamesmead lease extension

Why you should commence your Thamesmead lease extension today:

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

Thamesmead residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

An extended lease 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 same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not finance a property with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Thamesmead lease extensions?

Lease extensions in Thamesmead can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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

Thamesmead Lease Extension Case Summaries:

Paige, Thamesmead, South East London,

Subsequent to lengthy negotiations with the freeholder of her studio flat in Thamesmead, Paige started the lease extension process as the eighty year threshold was fast approaching. The transaction completed in July 2012. The freeholder’s fees were kept to an absolute minimum.

Thamesmead case:

Mr and Mrs. D Mercier purchased a recently refurbished flat in Thamesmead in November 2010. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparative premises in Thamesmead with a long lease were in the region of £255,000. The average ground rent payable was £50 invoiced per annum. The lease expired on 2 January 2097. Having 71 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.

Decision in Bexley

An example of a Lease Extension decision for a Thamesmead flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired term was 76 years.