Main reasons to commence your Brockley lease extension

Top reasons for lease extension now:

A Brockley lease depreciates with the years remaining on the lease.

Brockley leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be due. Leasehold owners in Brockley will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Brockley with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions may not grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This will be problematic once you wish to market or refinance your property as it will be practically unmortgageable. You may not have an immediate plan to sell but when you do your purchaser will have to hold off for a couple of years before being able to start the legal procedures for a lease extension.

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

Lease extensions in Brockley can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 Brockley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brockley Lease Extension Example Cases:

Daisy, Brockley, South East London,

Trailing unsuccessful discussions with the landlord of her ground floor apartment in Brockley, Daisy started the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension was finalised in August 2010. The landlord’s fees were kept to an absolute minimum.

Brockley case:

Ms Rosie Leroy moved into a studio flat in Brockley in November 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Identical residencies in Brockley with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 billed yearly. The lease lapsed in 2101. Given that there were 75 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.