Main reasons to start your Greenwich lease extension

Why you should commence your Greenwich lease extension today:

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

Greenwich leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Greenwich residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Greenwich you must check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold residencies in Greenwich with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not loan monies on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are regarded as insufficient for lending purposes.

What makes us experts in Greenwich lease extensions?

Lease extensions in Greenwich can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in this area.

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 a wealth of experience dealing with Greenwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Greenwich Lease Extension Case Studies:

Megan, Greenwich, South East London,

Following lengthy negotiations with the freeholder of her ground floor apartment in Greenwich, Megan initiated the lease extension process as the eighty year threshold was quickly coming. The legal work completed in February 2012. The landlord’s charges were restricted to less than 450 pounds.

Greenwich case:

Last Christmas we were contacted by Mrs Mia Flores , who moved into a one bedroom flat in Greenwich in October 2007. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar flats in Greenwich with a long lease were valued around £285,000. The average amount of ground rent was £55 invoiced annually. The lease finished in 2105. Taking into account 80 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.