Stop! Your Lease Extension in Balham Could Be FREE

Get a Free Case Review
Many leaseholders in Balham 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 Balham 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 Balham lease extension

Main reasons to start your Balham lease extension today:

A Balham lease depreciates with the years remaining on the lease.

The only way is down when it comes to Balham lease terms. Balham leaseholds that have a remaining term fewer than 80 years will de-escalate in value even faster, and the cost of extending your lease will increase.

Balham property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Balham with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not grant a mortgage on a short lease

Almost all mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to acquire your property in the future might well do, so if they can't get a mortgage, then the market price of your property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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
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.

Why use us for your lease extension in Balham?

Using our service gives you better control over the value of your Balham leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Balham Lease Extension Case Summaries:

Lydia, Balham, South West London,

Following unsuccessful discussions with the freeholder of her ground floor apartment in Balham, Lydia started the lease extension process just as her lease was nearing the crucial eighty-year threshold. The lease extension was finalised in August 2015. The freeholder’s fees were kept to an absolute minimum.

Balham case:

In 2011 we were contacted by Ms T Gray who, having acquired a ground floor apartment in Balham in September 2004. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparative residencies in Balham with 100 year plus lease were in the region of £210,600. The mid-range amount of ground rent was £45 billed every twelve months. The lease came to a finish in 2088. Having 62 years left we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.

Decision in Wandsworth

An example of a Lease Extension decision for a Balham property is First Floor Flat 152a Ramsden Road in June 2009. The net result of the tribunals calculation produced a premium payable of £23,975. This case affected 1 flat. The number of years remaining on the existing lease(s) was 56.67 years.