Top reasons for South West London lease extension

Top reasons for lease extension now:

A South West London lease depreciates with the years remaining on the lease.

South West London leases on residential properties are gradually losing value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in South West London will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and steps to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in South West London with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

What makes us experts in South West London lease extensions?

Lease extensions in South West London can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 South West London lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South West London Lease Extension Case Studies:

Kai, South West London, London

Two years ago Kai, started to get close to the 80-year threshold with the lease on his garden flat in South West London. In buying his home two decades ago, the lease term was of minimal relevance. Fortunately, he realised he would soon be paying an inflated amount for a lease extension. Kai extended the lease just under the wire last May. Kai and the freeholder via the management company eventually settled on an amount of £5,000 . If he not met the deadline, the sum would have increased by a minimum £1,125.

South West London case:

Last June we were approach by Mrs Jennifer Jones , who completed a purpose-built flat in South West London in August 2004. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative residencies in South West London with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £60 billed yearly. The lease ended in 2082. Taking into account 56 years left we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including legals.