Main reasons to commence your Southgate lease extension

Main reasons to commence your Southgate lease extension today:

Increase your lease and increase your Southgate property value

When it comes to long leasehold property in Southgate, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly when there are less than 80 years left. Residents in Southgate with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. Once the lease term has under 80 years left, under the current statute the freeholder can calculate and charge a larger premium, assessed on a technical calculation, known as “marriage value” which is due.

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

What makes us experts in Southgate lease extensions?

Regardless of whether you are a tenant or a freeholder in Southgate,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Southgate valuers.

Southgate Lease Extension Example Cases:

Lewis, Southgate, North London

In recent months Lewis, started to get near to the 80-year threshold with the lease on his studio flat in Southgate. Having bought his home 18 years ago, the length of the lease was of minimal concern. Thankfully, it dawned on him that he would imminently be paying way over the odds for a lease extension. Lewis extended the lease just in the nick of time last May. Lewis and the freeholder subsequently settled on sum of £6,000 . If the lease had slipped lower than eighty years, the price would have escalated by a minimum £875.

Southgate case:

In 2014 we were phoned by Mr and Mrs. V Carter who, having was assigned a lease of a purpose-built flat in Southgate in November 2012. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparative premises in Southgate with a long lease were valued about £295,000. The mid-range amount of ground rent was £45 collected per annum. The lease came to a finish in 2100. Having 74 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.