Main reasons to start your Lewisham lease extension

Why you should start your Lewisham lease extension today:

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

On the balance of probabilities if you own a flat in Lewisham you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Lewisham lease extensions?

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

Lewisham Lease Extension Case Summaries:

Logan, Lewisham, South East London

In 2014 Logan, came critically near to the eighty-year mark with the lease on his studio flat in Lewisham. In buying his flat two decades ago, the unexpired term was of no significance. Fortunately, it dawned on him that he would soon be paying an inflated amount for a lease extension. Logan arranged for a lease extension just in the nick of time last June. Logan and the landlord eventually agreed on sum of £6,000 . If he failed to meet the deadline, the premium would have escalated by a minimum £850.

Lewisham case:

In 2013 we were contacted by Mrs Y Howard who, having moved into a garden flat in Lewisham in March 2009. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Identical residencies in Lewisham with an extended lease were in the region of £243,000. The average ground rent payable was £65 billed per annum. The lease terminated in 2089. Considering the 63 years outstanding we approximated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 exclusive of legals.