Why you should start your Lewisham lease extension

Why you should commence your Lewisham lease extension today:

Increase your lease and increase your Lewisham property value

Lewisham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Lewisham tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Lewisham you really ought to see if your lease has between 70 and 90 years left. There are good reasons why a Lewisham leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Lewisham with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to properties in Lewisham with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Why use us for your lease extension in Lewisham?

Irrespective of whether you are a tenant or a freeholder in Lewisham,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lewisham valuers.

Lewisham Lease Extension Example Cases:

Grace, Lewisham, South East London,

Following unsuccessful discussions with the landlord of her purpose-built apartment in Lewisham, Grace initiated the lease extension process as the eighty year deadline was fast nearing. The transaction completed in June 2015. The landlord’s charges were negotiated to approximately 450 pounds.

Lewisham case:

Last Winter we were approach by Mr and Mrs. H Martin , who bought a newly refurbished apartment in Lewisham in April 1999. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable residencies in Lewisham with 100 year plus lease were valued about £198,800. The mid-range amount of ground rent was £55 billed yearly. The lease expiry date was on 26 October 2081. Considering the 55 years left we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.