Main reasons to commence your Lewisham lease extension

Main reasons to commence your Lewisham lease extension today:

Increase your lease and increase your Lewisham property value

Lewisham leases on domestic deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Lewisham will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.

Lewisham property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not loan monies on a short lease

Banks and building societies will not lend on short residential leases. You most probably experience problems if you want to sell your flat in Lewisham if the unexpired lease term is below the criteria set by most lenders. Different lenders have different criteria but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Lewisham?

Lease extensions in Lewisham 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 dealing with Lewisham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lewisham Lease Extension Case Studies:

Harriet, Lewisham, South East London,

Subsequent to unsuccessful discussions with the landlord of her studio flat in Lewisham, Harriet started the lease extension process as the eighty year threshold was fast nearing. The lease extension completed in October 2005. The freeholder’s costs were kept to an absolute minimum.

Lewisham case:

Mr Y Gómez acquired a basement apartment in Lewisham in March 2011. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparable homes in Lewisham with a long lease were in the region of £174,200. The average amount of ground rent was £55 invoiced yearly. The lease elapsed on 12 June 2077. Considering the 51 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus costs.