South Lambeth leases on residential deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease drops below 80 years - otherwise a higher amount will be due. Leasehold owners in South Lambeth will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some cases you may not be entitled. There are prescribed deadlines and steps to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in South Lambeth with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Santander | |
| TSB |
Lease extensions in South Lambeth can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.
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 procuring 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.
Logan owned a conversion flat in South Lambeth being marketed with a lease of fraction over 59 years remaining. Logan on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Logan to invoke his statutory right. Logan obtained expert advice and secured an acceptable resolution informally and readily saleable.
In 2010 we were approached by Mr and Mrs. S Turner who, having moved into a studio flat in South Lambeth in February 1997. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Identical properties in South Lambeth with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 collected yearly. The lease lapsed on 13 May 2106. Considering the 80 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.
Last Winter we were approach by Ms Isabella Patel , who was assigned a lease of a recently refurbished flat in South Lambeth in March 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Identical flats in South Lambeth with 100 year plus lease were in the region of £200,800. The mid-range amount of ground rent was £65 invoiced monthly. The lease ran out on 17 April 2086. Considering the 60 years left we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus professional charges.