Main reasons to start your New Eltham lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Eltham property value

The market value of New Eltham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in New Eltham with more than one hundred years left 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 purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not loan monies on a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering plenty of flats in New Eltham were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in New Eltham?

Lease extensions in New Eltham can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with New Eltham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

New Eltham Lease Extension Example Cases:

Jude, New Eltham, South East London,

Jude was the the leasehold proprietor of a high value flat in New Eltham being marketed with a lease of a little over sixty years unexpired. Jude on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jude to invoke his statutory right. Jude obtained expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

New Eltham case:

Ms Eleanor Rose completed a basement apartment in New Eltham in March 2010. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Similar flats in New Eltham with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease finished in 2101. Considering the 75 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.