Top reasons for New Southgate lease extension

Why you should start your New Southgate lease extension today:

Increase your lease and increase your New Southgate property value

The market value of New Southgate leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than eighty years

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

Leasehold premises in New Southgate with more than one hundred years outstanding 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not grant a mortgage on a short lease

Why use us for your lease extension in New Southgate?

The conveyancing solicitors that we work with procure New Southgate lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

New Southgate Lease Extension Case Studies:

Toby, New Southgate, North London,

Toby was the the leasehold owner of a studio apartment in New Southgate on the market with a lease of just over 72 years outstanding. Toby on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Toby to invoke his statutory right. Toby obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.

New Southgate case:

In 2010 we were phoned by Mr and Mrs. J Rogers who, having purchased a recently refurbished apartment in New Southgate in May 2001. The question was if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Similar properties in New Southgate with 100 year plus lease were worth £260,200. The average ground rent payable was £65 collected monthly. The lease came to a finish on 14 August 2092. Considering the 66 years outstanding we estimated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 not including costs.