Stop! Your Lease Extension in Erith Could Be FREE

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Many leaseholders in Erith are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Erith has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Erith lease extension

Why you should start your Erith lease extension today:

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

For those whose Erith home is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you wish to sell your flat in Erith if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have different criteria but on the whole they are looking for an unexpired term of at least seventy years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Erith?

Lease extensions in Erith can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 Erith lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Erith Lease Extension Example Cases:

Cameron, Erith, South East London,

Cameron owned a conversion flat in Erith on the market with a lease of fraction over 59 years unexpired. Cameron on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Cameron to exercise his statutory right. Cameron procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Erith case:

Last month we were approach by Mr E Adams , who took over the lease of a basement flat in Erith in September 2006. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative premises in Erith with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 collected per annum. The lease lapsed in 2079. Taking into account 53 years outstanding we approximated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 exclusive of professional charges.

Decision in Bexley

An example of a Lease Extension case for a Erith property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired term was 76 years.