Stop! Your Lease Extension in Balham Could Be FREE

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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 commence your Balham lease extension today:

Increase your lease and increase your Balham property value

The market value of Balham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not loan monies on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so where they are unable to obtain a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

Lender Requirement
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Balham lease extensions?

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 want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Balham Lease Extension Case Summaries:

Alfie, Balham, South West London

Half a year ago Alfie, started to get close to the eighty-year mark with the lease on his leasehold apartment in Balham. Having purchased his property two decades ago, the lease term was of minimal relevance. Fortunately, he recognised he needed to take action soon on Extending the lease. Alfie arranged for a lease extension just in the nick of time last May. Alfie and the landlord ultimately agreed on a premium of £5,000 . If the lease had descended lower than eighty years, the amount would have become more exhorbitant by a minimum £1,125.

Balham case:

In 2010 we were contacted by Dr N Harris who, having took over the lease of a ground floor flat in Balham in July 1998. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Balham with 100 year plus lease were worth £235,200. The mid-range amount of ground rent was £45 billed yearly. The lease came to a finish on 28 June 2092. Taking into account 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.

Decision in Wandsworth

An example of a Lease Extension matter before the tribunal for a Balham flat 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 was in relation to 1 flat. The unexpired lease term was 56.67 years.