Top reasons for Southall lease extension

Main reasons to commence your Southall lease extension today:

Increase your lease and increase your Southall property value

As the the remaining lease term of a Southall domestic lease diminished so does its value and therefore the value of your property. If the lease has, in excess of one hundred years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner than later. The majority of flat owners in Southall will qualify for this right; however a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are not able to get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Southall?

Engaging our service gives you enhanced control over the value of your Southall leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Southall Lease Extension Example Cases:

Kian, Southall, North London

Two years ago Kian, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Southall. Having bought his flat 19 years ago, the lease term was of little relevance. As luck would have it, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Kian extended the lease just in the nick of time in June. Kian and the freeholder via the management company eventually agreed on the final figure of £5,500 . If he failed to meet the deadline, the premium would have increased by at least £1,125.

Southall case:

Mr and Mrs. Y Patel purchased a one bedroom flat in Southall in May 2007. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparative properties in Southall with an extended lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease elapsed in 2077. Having 51 years outstanding we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus expenses.