Top reasons for Southall lease extension

Top reasons for lease extension now:

Increase your lease and increase your Southall property value

Southall leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Southall enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Southall you should check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold premises in Southall with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties when you wish to dispose of or refinance your flat as it will be practically unmortgageable. You might not have an imminent intention to sell but when you do your buyer will need to hold off for a couple of years before being able to start the legal procedures for a lease extension.

What makes us experts in Southall lease extensions?

Lease extensions in Southall can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 procuring Southall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Southall Lease Extension Case Studies:

Cameron, Southall, North London

During the course of the last few months Cameron, started to get close to the eighty-year mark with the lease on his two bedroom apartment in Southall. In buying his property two decades ago, the unexpired term was of no importance. Thankfully, he recognised he needed to take steps soon on Extending the lease. Cameron was able to extend his lease just in the nick of time in April. Cameron and the freeholder ultimately agreed on an amount of £6,000 . If he had missed the deadline, the figure would have gone up by at least £925.

Southall case:

In 2010 we were contacted by Mr W Mason who, having owned a garden apartment in Southall in April 2004. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Southall with a long lease were in the region of £267,600. The average amount of ground rent was £65 invoiced monthly. The lease expired in 2093. Considering the 67 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus costs.