Why you should commence your Balham lease extension

Main reasons to start your Balham lease extension today:

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

On the balance of probabilities if you own a flat in Balham you actually own a long leasehold interest over your property

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

Leasehold residencies in Balham with over 100 years remaining 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 premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may cause difficulties as and when you come to dispose of or refinance your flat as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will need to wait 2 years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Balham?

Lease extensions in Balham can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Balham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Balham Lease Extension Case Studies:

Kirsty, Balham, South West London,

Trailing lengthy correspondence with the landlord of her ground floor flat in Balham, Kirsty commenced the lease extension process as the eighty year deadline was rapidly advancing. The transaction was finalised in January 2013. The freeholder’s costs were kept to an absolute minimum.

Balham case:

Last Christmas we were approach by Mr and Mrs. C Pérez , who took over the lease of a studio flat in Balham in June 2008. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable residencies in Balham with an extended lease were worth £218,000. The average amount of ground rent was £45 invoiced quarterly. The lease expiry date was on 12 April 2088. Considering the 63 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 plus professional charges.