Why you should start your South Lambeth lease extension

Why you should start your South Lambeth lease extension today:

A South Lambeth lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in South Lambeth you actually own a long leasehold interest over your property

South Lambeth property with a lease extension is almost 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 additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not finance a property with a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops below a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to refinance your South Lambeth home.

What makes us experts in South Lambeth lease extensions?

The conveyancing solicitors that we work with procure South Lambeth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

South Lambeth Lease Extension Case Summaries:

Shannon, South Lambeth, South London,

Off the back of protracted discussions with the landlord of her two bedroom flat in South Lambeth, Shannon started the lease extension process as the eighty year threshold was fast nearing. The legal work completed in June 2015. The landlord’s charges were negotiated to approximately 600 GBP.

South Lambeth case:

Last Autumn we were approach by Mr and Mrs. K Robinson , who took over the lease of a garden flat in South Lambeth in January 2002. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Comparable flats in South Lambeth with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 invoiced monthly. The lease expiry date was in 2091. Considering the 65 years remaining we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of expenses.

South Lambeth case:

Mrs T Carter completed a newly refurbished apartment in South Lambeth in May 1997. The question was if we could approximate the premium could be to prolong the lease by an additional years. Comparable properties in South Lambeth with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded on 6 January 2102. Taking into account 76 years outstanding we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.