Stop! Your Lease Extension in South London Could Be FREE

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Many leaseholders in South London are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in South London has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your South London lease extension

Why you should commence your South London lease extension today:

Increase your lease and increase your South London property value

The market value of South London leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is below than 80 years

South London property with a lease extension is almost the same value as a freehold

Leasehold properties in South London with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions will not loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This may be problematic once you wish to market or refinance your property as it will be practically unmortgageable. Even though you may have no immediate plan to sell but when you do your purchaser must hold off for 2 years before being able to start the legal procedures for an extension to the lease.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

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

Regardless of whether you are a tenant or a landlord in South London,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with South London valuers.

South London Lease Extension Example Cases:

Kirsty, South London, London,

After protracted negotiations with the landlord of her first floor flat in South London, Kirsty commenced the lease extension process just as the lease was nearing the critical eighty-year threshold. The legal work completed in March 2014. The landlord’s fees were kept to an absolute minimum.

South London case:

Mr and Mrs. B Laurent completed a basement apartment in South London in January 1998. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical homes in South London with a long lease were worth £233,200. The mid-range amount of ground rent was £60 billed yearly. The lease terminated in 2087. Having 61 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 plus legals.

Decision in Haringey

An example of a Lease Extension matter before the tribunal for a South London property is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The unexpired term as at the valuation date was 65.21 years.