Main reasons to start your Southgate lease extension

Why you should start your Southgate lease extension today:

Increase your lease and increase your Southgate property value

It’s a harsh truth that a Southgate residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Southgate property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining drops below eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most leasehold owners in Southgate will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your lawyer for the duration of the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Lenders may not finance a property with a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be aware that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Southgate?

Lease extensions in Southgate can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.

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 in-depth market knowledge procuring Southgate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Southgate Lease Extension Example Cases:

Kyle, Southgate, North London,

Kyle was the the leasehold owner of a studio flat in Southgate on the market with a lease of a few days over 59 years remaining. Kyle on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Kyle to invoke his statutory right. Kyle procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Southgate case:

Mr and Mrs. R Gunderson acquired a garden flat in Southgate in November 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in Southgate with an extended lease were worth £198,800. The mid-range amount of ground rent was £55 collected yearly. The lease end date was in 2081. Having 55 years left we calculated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 not including professional charges.