Stop! Your Lease Extension in Abbey Wood Could Be FREE

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Many leaseholders in Abbey Wood 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 Abbey Wood 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 Abbey Wood lease extension

Main reasons to start your Abbey Wood lease extension today:

A Abbey Wood lease depreciates with the years remaining on the lease.

Abbey Wood leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Abbey Wood tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Abbey Wood you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone wanting to buy your property in the future might well do, so if they can't secure a mortgage, then the market price of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Accord Mortgages 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.
Halifax Minimum 70 years from the date of the mortgage.
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
Yorkshire 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.

What makes us experts in Abbey Wood lease extensions?

Irrespective of whether you are a tenant or a freeholder in Abbey Wood,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 Abbey Wood valuers.

Abbey Wood Lease Extension Case Studies:

Millie, Abbey Wood, South East London,

In the wake of eight months of unsuccessful negotiations with the landlord of her basement flat in Abbey Wood, Millie started the lease extension process as the eighty year mark was swiftly coming. The legal work was finalised in June 2005. The freeholder’s fees were kept to an absolute minimum.

Abbey Wood case:

In 2013 we were e-mailed by Dr Ryan Baker who, having moved into a first floor apartment in Abbey Wood in February 2007. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable flats in Abbey Wood with an extended lease were worth £267,600. The average amount of ground rent was £65 collected monthly. The lease lapsed on 28 August 2093. Having 67 years outstanding we approximated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 not including professional charges.

Decision in Bexley

An example of a Lease Extension matter before the tribunal for a Abbey Wood 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 remaining number of years on the lease was 76 years.