Top reasons for Southall lease extension

Main reasons to start your Southall lease extension today:

A Southall leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As plenty of flats in Southall were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Southall?

Using our service gives you better control over the value of your Southall leasehold, as your property will be more valuable and saleable 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 Case Studies:

Theo, Southall, North London,

Theo was the the leasehold proprietor of a high value flat in Southall on the market with a lease of fraction over fifty eight years unexpired. Theo informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Theo to invoke his statutory right. Theo procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Southall case:

Last month we were approach by Mr O Bonnet , who took over the lease of a studio apartment in Southall in August 2008. The dilemma was if we could approximate the price would likely be to extend the lease by an additional years. Similar properties in Southall with a long lease were in the region of £280,000. The average amount of ground rent was £45 invoiced every twelve months. The lease lapsed on 6 February 2097. Given that there were 71 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.