Main reasons to start your South Lambeth lease extension

Why you should commence your South Lambeth lease extension today:

Increase your lease and increase your South Lambeth property value

The only way is down when it comes to South Lambeth lease terms. South Lambeth leaseholds that have a remaining term lower than 80 years will de-escalate in market price even faster, and the cost to extend your lease will rise.

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

Leasehold premises in South Lambeth with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not lend with a short lease

Banks and building societies vary in their lending requirements. Some draw the line at seventy five years left on the lease; others may be willing to lend with anything with more than seventy years. With less than 60 years, it may be challenging to obtain a mortgage in the first place.

Get in touch with one of our South Lambeth lease extension solicitors or enfranchisement solicitors

Lease extensions in South Lambeth can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with South Lambeth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Lambeth Lease Extension Example Cases:

Oliver, South Lambeth, South London,

Oliver was the the leasehold owner of a studio apartment in South Lambeth being marketed with a lease of a few days over sixty years outstanding. Oliver on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Oliver to exercise his statutory right. Oliver procured expert advice and was able to make a more informed decision and deal with the matter and sell the property.

South Lambeth case:

Mr and Mrs. P Torres was assigned a lease of a ground floor flat in South Lambeth in October 2004. The question was if we could estimate the premium could be for a 90 year lease extension. Similar premises in South Lambeth with an extended lease were valued about £264,000. The average amount of ground rent was £60 billed every twelve months. The lease ended in 2079. Having 53 years remaining we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 plus professional charges.

South Lambeth case:

Dr Ibrahim Petit owned a purpose-built apartment in South Lambeth in January 1999. We are asked if we could estimate the price could be for a ninety year lease extension. Identical residencies in South Lambeth with a long lease were in the region of £225,400. The average ground rent payable was £45 collected every twelve months. The lease expired on 8 January 2090. Having 64 years remaining we calculated the compensation to the landlord for the lease extension to be within £16,200 and £18,600 not including costs.