Top reasons for Balham lease extension

Why you should commence your Balham lease extension today:

Increase your lease and increase your Balham property value

The re-sale value of a leasehold property in Balham depends on how many years the lease has left to run. If it is near to or less than eighty years you should envisage difficulties on re-sale, so it is recommended to arrange for the lease to be extended before buying. It is ideal to start the lease extension process when the lease still has 82 years remaining so that all matters can be finalised in advance of the 80 year mark. Statute entitles Balham qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus an additional term of 90 years. The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Balham property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not lend on a short lease

Lenders are really clamping down as regards to properties in Balham with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Balham?

Engaging our service gives you increased control over the value of your Balham leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Balham Lease Extension Example Cases:

Caitlin, Balham, South West London,

Subsequent to protracted discussions with the landlord of her purpose-built apartment in Balham, Caitlin started the lease extension process as the eighty year deadline was quickly nearing. The transaction was finalised in June 2008. The landlord’s charges were negotiated to less than 450 GBP.

Balham case:

Ms Anna Wright owned a one bedroom flat in Balham in August 2005. The dilemma was if we could estimate the price would be to prolong the lease by ninety years. Identical properties in Balham with a long lease were worth £264,000. The average amount of ground rent was £60 billed annually. The lease ran out in 2079. Given that there were 53 years remaining we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.