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Why you should commence your Balham lease extension


Why you should start your Balham lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Balham can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Balham lease extension. Postponing that expense today simply increases the amount you will eventually be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to finance a property with a short lease

Lending institutions have specific criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term slips below a specified unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Balham home.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Santander Our minimum unexpired lease term is 55 years from completion, subject to at least 30 years remaining at the end of the mortgage term (an individual case instruction may provide for a shorter unexpired term). However, you must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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 Balham lease extensions?

Lease extensions in Balham can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 in-depth market knowledge dealing with Balham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Balham Lease Extension Example Cases:

Jonathan, Balham, South West London

Two years ago Jonathan, came dangerously close to the eighty-year mark with the lease on his two bedroom apartment in Balham. In buying his home two decades ago, the unexpired term was of little importance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Jonathan arranged for a lease extension just under the wire last March. Jonathan and the landlord who owned the flat above in the end settled on the final figure of £5,500 . If the lease had slipped lower than 80 years, the sum would have escalated by a minimum £950.

Balham case:

Dr Y Davis owned a first floor flat in Balham in June 1999. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Identical premises in Balham with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 collected annually. The lease ran out on 16 January 2072. Considering the 53 years left we estimated the premium to the landlord to extend the lease to be between £37,100 and £42,800 not including expenses.

Decision in Wandsworth

An example of a Lease Extension decision for a Balham property is First Floor Flat 152a Ramsden Road in June 2009. The net result of the tribunals calculation produced a premium payable of £23,975. This case affected 1 flat. The number of years remaining on the existing lease(s) was 56.67 years.