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Main reasons to start your Ladywell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ladywell property value

The only way is down when it comes to Ladywell lease terms. Ladywell flats that have a lease term shorter than 80 years will de-escalate in value even faster, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

The propensity since 2008 has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Ladywell?

Engaging our service will provide you enhanced control over the value of your Ladywell leasehold, as your property will be more valuable and marketable in respect 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.

Ladywell Lease Extension Case Summaries:

Jude, Ladywell, South East London

Two years ago Jude, started to get close to the 80-year threshold with the lease on his basement flat in Ladywell. Having purchased his property twenty years ago, the unexpired term was of little importance. Thankfully, he realised he would imminently be paying an inflated amount for a lease extension. Jude arranged for a lease extension just ahead of time in July. Jude and the freeholder via the managing agents in the end agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £1,000.

Ladywell case:

Mrs U Ali took over the lease of a basement apartment in Ladywell in September 1997. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar flats in Ladywell with a long lease were valued about £215,600. The average ground rent payable was £45 collected per annum. The lease came to a finish on 5 June 2087. Taking into account 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 plus costs.

Decision in Lewisham

An example of a Freehold Enfranchisement case for a Ladywell premises is 44 Elmer Road in January 2013. The Tribunal dacied that amount to be paid by the Leaseholders for the Landlords freehold reversion was £12,951 as at the valuation date (20" September 2012).This matter was referred back to the Bromley County Court to deal with costs, fees and any other outstanding matters. This case was in relation to 2 flats. The unexpired term as at the valuation date was 74.25 years.