Stop! Your Lease Extension in Avery Hill Could Be FREE

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Many leaseholders in Avery 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 Avery 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 commence your Avery Hill lease extension

Main reasons to commence your Avery Hill lease extension today:

A Avery Hill lease depreciates with the years remaining on the lease.

Avery Hill residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Avery Hill with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of prospective buyers.

Lender Requirement
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.
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.
Halifax Minimum 70 years from the date of the mortgage.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Avery Hill?

Irrespective of whether you are a tenant or a landlord in Avery 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 in-depth market knowledge and the close ties they enjoy with Avery Hill valuers.

Avery Hill Lease Extension Example Cases:

Rachel, Avery Hill, South East London,

After lengthy negotiations with the freeholder of her garden apartment in Avery Hill, Rachel commenced the lease extension process as the eighty year threshold was quickly coming. The transaction was finalised in February 2005. The freeholder’s fees were kept to an absolute minimum.

Avery Hill case:

Mrs T Carter owned a one bedroom apartment in Avery Hill in January 2009. The question was if we could estimate the price would be to extend the lease by an additional years. Identical flats in Avery Hill with 100 year plus lease were valued about £203,200. The mid-range ground rent payable was £65 collected per annum. The lease terminated in 2087. Having 61 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 plus legals.

Decision in Greenwich

An example of a Lease Extension case for a Avery Hill flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.