Stop! Your Lease Extension in Thamesmead Could Be FREE

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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

Top reasons for lease extension now:

Increase your lease and increase your Thamesmead property value

On the balance of probabilities where you own a flat in Thamesmead 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 in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically banks would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
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

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

Engaging our service will provide you increased control over the value of your Thamesmead leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Thamesmead Lease Extension Example Cases:

Caleb, Thamesmead, South East London,

Caleb was the the leasehold proprietor of a studio flat in Thamesmead on the market with a lease of a few days over 72 years left. Caleb on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Caleb to exercise his statutory right. Caleb obtained expert advice and was able to make an informed decision and handle with the matter and sell the property.

Thamesmead case:

Mr and Mrs. G André was assigned a lease of a one bedroom apartment in Thamesmead in April 1999. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparative flats in Thamesmead with an extended lease were valued about £260,000. The mid-range amount of ground rent was £50 billed monthly. The lease concluded on 2 March 2098. Taking into account 72 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.

Decision in Bexley

An example of a Lease Extension matter before the tribunal for a Thamesmead property 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 was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.