Why you should start your Lewisham lease extension

Main reasons to commence your Lewisham lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Lewisham may extend the lease for an additional ninety years under legislation. Please think carefully before delaying your Lewisham lease extension. Postponing the costs now simply escalates the price you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

Almost all mortgage lenders insist on a lengthy amount of time remaining on any leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so if they are not able to secure a mortgage, then the market price of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Lewisham?

Retaining our service will provide you enhanced control over the value of your Lewisham leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lewisham Lease Extension Example Cases:

Caitlin, Lewisham, South East London,

Trailing unsuccessful correspondence with the landlord of her two bedroom flat in Lewisham, Caitlin initiated the lease extension process as the 80 year mark was quickly nearing. The lease extension was finalised in June 2006. The freeholder’s costs were kept to an absolute minimum.

Lewisham case:

In 2014 we were approached by Ms I Girard who, having owned a first floor apartment in Lewisham in June 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Similar properties in Lewisham with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 billed every twelve months. The lease elapsed in 2105. Considering the 79 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.