Stop! Your Lease Extension in Anerley Could Be FREE

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Many leaseholders in Anerley 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 Anerley 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.

Main reasons to commence your Anerley lease extension

Why you should commence your Anerley lease extension today:

A Anerley leasehold property depreciates with the years remaining on the lease.

Anerley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Anerley tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Anerley you would be well advised to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies are really clamping down as regards to properties in Anerley with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the amount of potential buyers.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Anerley lease extensions?

Regardless of whether you are a tenant or a freeholder in Anerley,the lease extension experts 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 Anerley valuers.

Anerley Lease Extension Case Studies:

Lydia, Anerley, South East London,

Trailing unsuccessful discussions with the landlord of her two bedroom apartment in Anerley, Lydia started the lease extension process as the eighty year deadline was quickly approaching. The transaction completed in July 2011. The freeholder’s costs were restricted to approximately 600 pounds.

Anerley case:

Mr F David was assigned a lease of a studio apartment in Anerley in October 1996. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Similar homes in Anerley with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 collected per annum. The lease came to a finish in 2087. Considering the 61 years left we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of costs.

Decision in Bromley

An example of a Lease Extension decision for a Anerley residence is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The unexpired term as at the valuation date was 26.38 years.