New Eltham Lease Extension - Free Consultation

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Before you progress with your lease extension in New Eltham
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your New Eltham lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Eltham property value

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

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

Leasehold properties in New Eltham with in excess of one hundred years outstanding 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 reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may cause difficulties once you come to sell or remortgage your flat as it will be effectively unmortgageable. You may have no imminent desire to sell but when you do your buyer will need to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Yorkshire 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.

Get in touch with one of our New Eltham lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you enhanced control over the value of your New Eltham leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

New Eltham Lease Extension Example Cases:

Katherine, New Eltham, South East London,

After lengthy negotiations with the landlord of her ground floor flat in New Eltham, Katherine commenced the lease extension process as the eighty year deadline was swiftly nearing. The lease extension was finalised in May 2015. The landlord’s costs were kept to an absolute minimum.

New Eltham case:

In 2013 we were called by Dr Eli Parker who, having was assigned a lease of a newly refurbished apartment in New Eltham in September 2007. We are asked if we could estimate the price could be for a 90 year lease extension. Comparable residencies in New Eltham with an extended lease were valued about £210,000. The mid-range ground rent payable was £50 billed per annum. The lease termination date was on 27 February 2105. Considering the 80 years outstanding we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.

Decision in Greenwich

An example of a Lease Extension case for a New Eltham premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.