Top reasons for Southall lease extension

Why you should commence your Southall lease extension today:

Increase your lease and increase your Southall property value

Southall leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Southall residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Southall you would be well advised to see if your lease has between 70 and ninety years remaining. There are good reasons why a Southall flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

Southall property with a lease extension is almost the same value as a freehold

Leasehold premises in Southall with more than one hundred years left 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 estate charges justify it.

Lending institutions may decide not to lend on a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold property. Some will simply refuse lend at all once the residual lease term falls lower than a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are intending to remortgage your Southall property.

What makes us experts in Southall lease extensions?

Engaging our service will provide you enhanced control over the value of your Southall leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Southall Lease Extension Case Summaries:

Tommy, Southall, North London

16 months ago Tommy, started to get near to the eighty-year threshold with the lease on his first floor flat in Southall. In buying his property two decades ago, the unexpired term was of little importance. Thankfully, he noticed he needed to take steps soon on a lease extension. Tommy extended the lease just in the nick of time last May. Tommy and the freeholder via the management company in the end agreed on a premium of £6,000 . If he not met the deadline, the amount would have gone up by a minimum £1,075.

Southall case:

In 2013 we were phoned by Mr and Mrs. O Gunderson who, having moved into a one bedroom apartment in Southall in August 2003. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar properties in Southall with an extended lease were worth £295,000. The average ground rent payable was £45 collected every twelve months. The lease lapsed in 2101. Having 75 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.