Top reasons for Vauxhall lease extension

Top reasons for lease extension now:

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

Vauxhall leases on domestic deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Vauxhall will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.

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

It is generally considered that a residential leasehold with over 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 residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to lend on a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this will result in your Vauxhall property being difficult to dispose of or remortgage.

Why use us for your lease extension in Vauxhall?

Lease extensions in Vauxhall can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.

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 Vauxhall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Vauxhall Lease Extension Case Summaries:

Ollie, Vauxhall, South London,

Ollie was the the leasehold proprietor of a 2 bedroom apartment in Vauxhall on the market with a lease of a little over 59 years outstanding. Ollie on an informal basis approached his landlord being a well known Bristol-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 a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Ollie to exercise his statutory right. Ollie procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Vauxhall case:

Mr and Mrs. M Thompson moved into a recently refurbished flat in Vauxhall in November 2004. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable flats in Vauxhall with a long lease were in the region of £200,000. The average amount of ground rent was £50 collected quarterly. The lease ran out in 2102. Given that there were 77 years remaining we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.