Why you should start your New Cross lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Cross property value

The only way is down when it comes to New Cross lease terms. New Cross properties that have a remaining term fewer than eighty years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.

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

It is generally accepted that a residential leasehold 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 unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not lend with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in New Cross?

Lease extensions in New Cross can be a difficult process. We recommend you procure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with New Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

New Cross Lease Extension Case Studies:

Shannon, New Cross, South East London,

After unsuccessful negotiations with the freeholder of her garden apartment in New Cross, Shannon commenced the lease extension process as the 80 year mark was fast advancing. The legal work was finalised in April 2008. The freeholder’s charges were negotiated to slightly above 600 pounds.

New Cross case:

Last year we were phoned by Mr and Mrs. W Peterson , who bought a one bedroom apartment in New Cross in April 1995. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar premises in New Cross with a long lease were in the region of £230,800. The mid-range amount of ground rent was £60 billed quarterly. The lease end date was on 22 April 2086. Taking into account 60 years outstanding we calculated the compensation to the landlord to extend the lease to be between £24,700 and £28,600 not including professional charges.