Stop! Your Lease Extension in Falconwood Could Be FREE

Get a Free Case Review
Many leaseholders in Falconwood 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 Falconwood 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 commence your Falconwood lease extension

Main reasons to start your Falconwood lease extension today:

Increase your lease and increase your Falconwood property value

Falconwood leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease drops lower than 80 years - otherwise a higher premium will be due. Flat owners in Falconwood will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Falconwood with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to grant a mortgage on a short lease

Banks and building societies are inclined not lend on short residential leases. You most probably experience difficulties where you need to sell your flat in Falconwood if the remaining lease term is under the criteria set by most banks and building societies. Different lenders have different requirements but in the main theyrequire an unexpired term of at least 65 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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 Falconwood?

Regardless of whether you are a tenant or a landlord in Falconwood,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Falconwood valuers.

Falconwood Lease Extension Case Studies:

Lucy, Falconwood, South East London,

Subsequent to unsuccessful discussions with the landlord of her one bedroom flat in Falconwood, Lucy commenced the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension completed in February 2015. The freeholder’s charges were kept to an absolute minimum.

Falconwood case:

Ms R Kelly was assigned a lease of a ground floor flat in Falconwood in June 2000. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative homes in Falconwood with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 collected yearly. The lease concluded in 2097. Given that there were 71 years unexpired we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.

Decision in Greenwich

An example of a Lease Extension matter before the tribunal for a Falconwood premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.