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Get a quote from one of our lease extension experts with over 20 years experience.

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Top reasons for Soho lease extension

Top reasons for lease extension now:

Increase your lease and increase your Soho property value

On the balance of probabilities where you own a flat in Soho you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the financial worth of your property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Soho lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Soho leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Soho Lease Extension Case Studies:

Olivia, Soho, London,

Trailing lengthy correspondence with the freeholder of her purpose-built apartment in Soho, Olivia commenced the lease extension process just as the lease was nearing the crucial 80-year mark. The transaction was finalised in September 2010. The landlord’s fees were kept to an absolute minimum.

Soho case:

Dr Logan Morel bought a basement apartment in Soho in July 1998. The question was if we could approximate the premium would be to extend the lease by 90 years. Comparable flats in Soho with an extended lease were worth £285,000. The mid-range ground rent payable was £45 collected every twelve months. The lease ended on 8 October 2096. Having 71 years outstanding we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.

Decision in Hounslow

An example of a Freehold Enfranchisement matter before the tribunal for a Soho property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.