Top reasons for Camberwell lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Camberwell can extend the lease for an additional 90 years under legislation. Do give careful consideration before delaying your Camberwell lease extension. Putting off that expense today simply escalates the premium you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Camberwell with over 100 years unexpired on the lease are often 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 buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not lend on a short lease

Why use us for your lease extension in Camberwell?

The lawyers that we work with handle Camberwell lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Camberwell Lease Extension Example Cases:

Kai, Camberwell, South East London,

Kai was the the leasehold owner of a high value flat in Camberwell on the market with a lease of fraction over 61 years unexpired. Kai informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Kai to invoke his statutory right. Kai obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Camberwell case:

Mr and Mrs. J Brooks bought a studio apartment in Camberwell in March 1998. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar properties in Camberwell with a long lease were valued about £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease ran out in 2092. Given that there were 66 years remaining we approximated the premium to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of expenses.