Top reasons for Lambeth lease extension

Main reasons to commence your Lambeth lease extension today:

A Lambeth lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Lambeth domestic lease lessens so does its value and therefore the value of your property. If the residual term has, more than 100 years remaining then this decrease may be of little impact however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Lambeth will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Lambeth with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not grant a mortgage on a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be insufficient security.

Why use us for your lease extension in Lambeth?

Lease extensions in Lambeth can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.

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 a wealth of experience procuring Lambeth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lambeth Lease Extension Case Summaries:

Harvey, Lambeth, South London

In 2014 Harvey, came seriously close to the 80-year mark with the lease on his first floor apartment in Lambeth. Having purchased his flat twenty years ago, the unexpired term was of no concern. Fortunately, he recognised he would soon be paying way over the odds for Extending the lease. Harvey extended the lease just in the nick of time last March. Harvey and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the figure would have gone up by a minimum £1,050.

Lambeth case:

Last year we were contacted by Ms K Clarke , who moved into a one bedroom flat in Lambeth in May 2012. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Lambeth with a long lease were worth £171,800. The mid-range ground rent payable was £55 invoiced monthly. The lease elapsed on 5 January 2076. Given that there were 50 years remaining we approximated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 plus costs.