Top reasons for Streatham lease extension

Why you should commence your Streatham lease extension today:

Increase your lease and increase your Streatham property value

The only way is down when it comes to Streatham lease terms. Streatham flats that have a remaining term less than than 80 years will reduce in market price even faster, and the cost of extending your lease will increase.

An extended lease has roughly the same value as a freehold

Leasehold premises in Streatham with more than one hundred years unexpired 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not issue a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of your property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Streatham?

Lease extensions in Streatham can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.

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 Streatham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Streatham Lease Extension Case Summaries:

Elijah, Streatham, South London

During the course of the last few months Elijah, came critically close to the eighty-year mark with the lease on his two bedroom flat in Streatham. In buying his property two decades ago, the length of the lease was of minimal bearing. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Elijah arranged for a lease extension at the eleventh hour last March. Elijah and the freeholder ultimately agreed on the final figure of £6,000 . If he not met the deadline, the figure would have escalated by a minimum £950.

Streatham case:

Last year we were e-mailed by Mr and Mrs. P Clarke , who bought a first floor flat in Streatham in March 2006. The question was if we could estimate the premium could be for a 90 year extension to my lease. Similar residencies in Streatham with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 invoiced yearly. The lease elapsed in 2097. Taking into account 71 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.