Why you should start your Sydenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sydenham property value

Sydenham leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be payable. Flat owners in Sydenham will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Sydenham with over 100 years unexpired on the lease are sometimes referred to as ‘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 reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not loan monies with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Sydenham were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Sydenham?

Regardless of whether you are a tenant or a landlord in Sydenham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Sydenham valuers.

Sydenham Lease Extension Case Summaries:

Laura, Sydenham, South East London,

In the wake of 6 months of protracted discussions with the landlord of her studio flat in Sydenham, Laura started the lease extension process just as her lease was nearing the crucial eighty-year deadline. The legal work was finalised in July 2008. The landlord’s costs were kept to an absolute minimum.

Sydenham case:

Last March we were contacted by Mr and Mrs. G Roberts , who moved into a studio flat in Sydenham in September 1996. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Sydenham with 100 year plus lease were valued around £183,600. The average ground rent payable was £65 billed per annum. The lease terminated on 12 January 2083. Considering the 57 years left we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 plus fees.