Main reasons to commence your Vauxhall lease extension

Main reasons to commence your Vauxhall lease extension today:

A Vauxhall lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Vauxhall you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Vauxhall with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to lend on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be unacceptable security.

Why use us for your lease extension in Vauxhall?

Using our service gives you better control over the value of your Vauxhall leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Vauxhall Lease Extension Case Studies:

Theo, Vauxhall, South London

Half a year ago Theo, came precariously close to the eighty-year threshold with the lease on his garden apartment in Vauxhall. Having purchased his property two decades ago, the unexpired term was of minimal interest. As luck would have it, he recognised he needed to take action soon on Extending the lease. Theo was able to extend his lease at the eleventh hour in June. Theo and the freeholder ultimately agreed on sum of £5,500 . If the lease had slipped below 80 years, the premium would have increased by at least £875.

Vauxhall case:

Last Winter we were called by Mrs H Bernard , who purchased a ground floor apartment in Vauxhall in July 2002. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable residencies in Vauxhall with an extended lease were in the region of £250,400. The average ground rent payable was £65 billed per annum. The lease ran out in 2090. Taking into account 64 years unexpired we approximated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.