Top reasons for Vauxhall lease extension

Top reasons for lease extension now:

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

Vauxhall leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Vauxhall tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Vauxhall you really ought to check if your lease has between seventy and ninety years left. There are compelling reasons why a Vauxhall leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

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

Leasehold premises in Vauxhall with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not lend on a short lease

Most high street banks are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Considering many flats in Vauxhall were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Vauxhall lease extensions?

Lease extensions in Vauxhall can be a difficult process. We recommend you procure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 dealing with 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 Example Cases:

Ellie, Vauxhall, South London,

Off the back of unsuccessful discussions with the freeholder of her studio flat in Vauxhall, Ellie commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The legal work was concluded in October 2006. The freeholder’s costs were restricted to approximately 700 pounds.

Vauxhall case:

In 2009 we were called by Ms Laura André who, having acquired a garden flat in Vauxhall in February 2006. We are asked if we could estimate the price would be for a 90 year lease extension. Identical residencies in Vauxhall with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed annually. The lease came to a finish on 20 October 2101. Given that there were 76 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.