Why you should commence your Camberwell lease extension

Why you should commence your Camberwell lease extension today:

Increase your lease and increase your Camberwell property value

For those whose Camberwell property is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

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

Leasehold residencies in Camberwell 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not loan monies on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

Retaining our service will provide you increased control over the value of your Camberwell leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Camberwell Lease Extension Example Cases:

Alisha, Camberwell, South East London,

Subsequent to lengthy negotiations with the freeholder of her ground floor flat in Camberwell, Alisha started the lease extension process as the eighty year deadline was rapidly nearing. The legal work was concluded in April 2015. The landlord’s fees were restricted to approximately 700 pounds.

Camberwell case:

In 2011 we were approached by Ms Paige Mitchell who, having was assigned a lease of a garden apartment in Camberwell in February 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Comparable residencies in Camberwell with 100 year plus lease were in the region of £200,000. The mid-range ground rent payable was £50 billed yearly. The lease ended on 20 January 2103. Taking into account 77 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.