Berrylands Lease Extension - Free Consultation

Before you progress with your lease extension in Berrylands
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Berrylands lease extension


Main reasons to start your Berrylands lease extension today:

Increase your lease and increase your Berrylands property value

The re-sale value of a leasehold property in Berrylands is impacted by how many years the lease has remaining. If it is near to or less than eighty years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that all matters can be addressed in advance of the 80 year mark. Statute entitles Berrylands qualifying lessees to obtain a lease extension of 90 years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies with a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Some will simply refrain from lending at all once the remaining lease term goes beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your Berrylands property.

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Why use us for your lease extension in Berrylands?

Lease extensions in Berrylands can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 a wealth of experience procuring Berrylands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Berrylands Lease Extension Example Cases:

Jackson, Berrylands, South West London

During the course of the last few months Jackson, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Berrylands. In buying his home twenty years previously, the lease term was of little significance. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Jackson extended the lease just under the wire in September. Jackson and the freeholder via the management company subsequently agreed on a premium of £5,000 . If he not met the deadline, the amount would have escalated by a minimum £1,075.

Berrylands case:

In 2010 we were approached by Mr and Mrs. U Gray who, having acquired a recently refurbished flat in Berrylands in March 2010. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative homes in Berrylands with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 billed monthly. The lease termination date was on 18 January 2097. Considering the 73 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.

Decision in Kingston upon Thames

An example of a Lease Extension matter before the tribunal for a Berrylands premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.