Stop! Your Lease Extension in Greenwich Could Be FREE

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Many leaseholders in Greenwich 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 Greenwich 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 Greenwich lease extension

Top reasons for lease extension now:

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

Greenwich leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Greenwich tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Greenwich you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Greenwich leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Greenwich with in excess of one hundred 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 property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to lend with a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Greenwich property being difficult to dispose of or to obtain finance on.

Lender Requirement
Chelsea Building Society 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.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Irrespective of whether you are a tenant or a freeholder in Greenwich,the lease extension lawyers 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 Greenwich valuers.

Greenwich Lease Extension Case Summaries:

Elizabeth, Greenwich, South East London,

Trailing lengthy negotiations with the freeholder of her purpose-built flat in Greenwich, Elizabeth initiated the lease extension process just as her lease was nearing the critical eighty-year threshold. The lease extension was concluded in April 2013. The freeholder’s fees were kept to an absolute minimum.

Greenwich case:

In 2010 we were approached by Mr and Mrs. H Davies who, having was assigned a lease of a purpose-built apartment in Greenwich in July 2010. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Greenwich with an extended lease were valued about £264,000. The average ground rent payable was £60 collected annually. The lease lapsed on 7 April 2079. Taking into account 53 years outstanding we calculated the premium to the landlord to extend the lease to be within £37,100 and £42,800 plus fees.

Decision in Lewisham

An example of a Lease Extension matter before the tribunal for a Greenwich premises is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The unexpired term was 72 years.