Why you should start your Vauxhall lease extension

Main reasons to start your Vauxhall lease extension today:

Increase your lease and increase your Vauxhall property value

It’s a harsh certainty that a Vauxhall residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Vauxhall property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If lease term dips below eighty years, you will then be required to pay 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 flat owners in Vauxhall will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold properties in Vauxhall with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

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

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As many flats in Vauxhall were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Vauxhall lease extensions?

Engaging our service gives you enhanced 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 conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Vauxhall Lease Extension Example Cases:

Jude, Vauxhall, South London

In recent months Jude, started to get near to the 80-year mark with the lease on his one bedroom apartment in Vauxhall. Having purchased his property 18 years ago, the unexpired term was of no interest. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Jude extended the lease just ahead of time in March. Jude and the landlord in the end agreed on a premium of £6,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,100.

Vauxhall case:

Mrs Tia García was assigned a lease of a recently refurbished apartment in Vauxhall in September 2011. We are asked if we could estimate the price would be to prolong the lease by 90 years. Comparable premises in Vauxhall with a long lease were valued around £205,000. The average amount of ground rent was £50 invoiced every twelve months. The lease elapsed in 2105. Taking into account 79 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.