Top reasons for Camberwell lease extension

Main reasons to commence your Camberwell lease extension today:

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

The re-sale value of a leasehold property in Camberwell is impacted by how many years the lease has remaining. If it is near to or less than 80 years you should anticipate difficulties on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is preferable to start the process of extending the lease is when a lease still has 82 years to run so that all matters can be finalised ahead of the eighty year mark. Leasehold Reform legislation entitles Camberwell qualifying lessees to an additional term of ninety years over and above the unexpired term, at a notional rent (zero ground rent). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

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

Lease extensions in Camberwell can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in this area.

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

Camberwell Lease Extension Example Cases:

Elijah, Camberwell, South East London

During the course of the last few months Elijah, came critically near to the eighty-year mark with the lease on his ground floor apartment in Camberwell. Having purchased his flat twenty years previously, the lease term was of no bearing. Luckily, he noticed he needed to take action soon on Extending the lease. Elijah arranged for a lease extension at the eleventh hour in September. Elijah and the freeholder ultimately agreed on a premium of £6,000 . If he failed to meet the deadline, the price would have become more costly by at least £1,025.

Camberwell case:

Mrs H Davis moved into a purpose-built apartment in Camberwell in August 2011. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Comparative homes in Camberwell with an extended lease were valued about £216,000. The average ground rent payable was £60 invoiced annually. The lease elapsed in 2084. Considering the 58 years left we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus costs.