Main reasons to start your Camberwell lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Camberwell. Inevitably, the period of lease left shortens as time goes by. This may slip by relatively unnoticed when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Camberwell have the legal entitlement to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Please give careful deliberation before delaying your Camberwell lease extension. Putting off that expense now only increases the price you will eventually have to pay to extend your lease

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

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies with a short lease

Most mortgage lenders will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Camberwell property becoming difficult to dispose of or remortgage.

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

Using our service gives you enhanced control over the value of your Camberwell leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Camberwell Lease Extension Example Cases:

Charlotte, Camberwell, South East London,

After lengthy negotiations with the freeholder of her garden flat in Camberwell, Charlotte started the lease extension process as the eighty year deadline was rapidly coming. The legal work was concluded in May 2011. The landlord’s fees were kept to an absolute minimum.

Camberwell case:

Last February we were approach by Mr and Mrs. P Hill , who took over the lease of a newly refurbished flat in Camberwell in April 2004. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Identical properties in Camberwell with an extended lease were in the region of £257,800. The average ground rent payable was £65 collected every twelve months. The lease ended on 7 November 2091. Taking into account 65 years unexpired we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 plus legals.