The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Lewisham have the legal entitlement to extend the lease for a further 90 years in accordance with legislation. Please give careful consideration before delaying your Lewisham lease extension. Shelving that expense now simply escalates the amount you will ultimately be required to pay for a lease extension.
Leasehold properties in Lewisham with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Lewisham can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 procuring Lewisham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ibrahim was the the leasehold owner of a conversion apartment in Lewisham on the market with a lease of a few days over 59 years left. Ibrahim informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be due on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert legal guidance and secured an acceptable resolution without going to tribunal and sell the property.
In 2014 we were approached by Ms Tia Scott who, having purchased a purpose-built apartment in Lewisham in April 2004. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparable homes in Lewisham with an extended lease were in the region of £240,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease concluded on 15 March 2088. Given that there were 62 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including expenses.
An example of a Lease Extension matter before the tribunal for a Lewisham flat 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 affected 2 flats. The unexpired residue of the current lease was 72 years.