Stop! Your Lease Extension in Sydenham Could Be FREE

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Many leaseholders in Sydenham 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 Sydenham 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.

Top reasons for Sydenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sydenham property value

Sydenham leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Sydenham will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies were content with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Regardless of whether you are a tenant or a freeholder in Sydenham,the lease extension lawyers 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 Example Cases:

Abbie, Sydenham, South East London,

Trailing lengthy correspondence with the landlord of her leasehold apartment in Sydenham, Abbie initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The legal work completed in October 2014. The landlord’s costs were restricted to below 500 GBP.

Sydenham case:

In 2009 we were contacted by Mr and Mrs. P Nelson who, having completed a purpose-built apartment in Sydenham in May 2001. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar properties in Sydenham with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out on 1 August 2095. Having 69 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.

Decision in Bromley

An example of a Lease Extension decision for a Sydenham property is Flat 1 4 Border Crescent in March 2012. the Tribunal decided that the sum payable by the Applicants to the Respondent in respect of the new lease for the subject property should be £11,616.00 (ElevenThousand and Six Hundred and Sixteen Pounds) This case related to 1 flat. The unexpired term was 72.04 years.