Stop! Your Lease Extension in Blackheath Could Be FREE

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Many leaseholders in Blackheath 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 Blackheath 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.

Main reasons to start your Blackheath lease extension

Why you should start your Blackheath lease extension today:

Increase your lease and increase your Blackheath property value

Blackheath residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

Blackheath property with a lease extension has roughly the same value as a freehold

Leasehold properties in Blackheath with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not grant a mortgage on a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Blackheath were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

Get in touch with one of our Blackheath lease extension solicitors or enfranchisement solicitors

Using our service will provide you better control over the value of your Blackheath leasehold, as your property will be more valuable and saleable in respect 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.

Blackheath Lease Extension Example Cases:

Jude, Blackheath, South East London

In 2014 Jude, started to get close to the 80-year mark with the lease on his ground floor apartment in Blackheath. In buying his flat 19 years previously, the length of the lease was of no bearing. Thankfully, he noticed he needed to take steps soon on a lease extension. Jude was able to extend his lease at the eleventh hour in January. Jude and the freeholder ultimately agreed on the final figure of £6,000 . If the lease had slipped lower than eighty years, the sum would have escalated by a minimum £850.

Blackheath case:

Dr John Garcia was assigned a lease of a recently refurbished flat in Blackheath in May 2009. The dilemma was if we could estimate the premium could be for a 90 year lease extension. Identical residencies in Blackheath with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 billed annually. The lease finished in 2089. Taking into account 63 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.

Decision in Lewisham

An example of a Lease Extension decision for a Blackheath premises is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The unexpired residue of the current lease was 72 years.