Why you should commence your South London lease extension

Why you should commence your South London lease extension today:

Increase your lease and increase your South London property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in South London. Inevitably, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in South London have the right to extend the lease for an additional 90 years under legislation. You should give due attention before delaying your South London lease extension. Putting off that expense now only increases the price you will ultimately have to pay for a lease extension

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

Leasehold residencies in South London with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not loan monies with a short lease

Lenders are tightening their criteria and many now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Considering many flats in South London were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in South London lease extensions?

The conveyancing solicitors that we work with handle South London 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.

South London Lease Extension Case Summaries:

Gemma, South London, London,

Off the back of protracted correspondence with the landlord of her one bedroom flat in South London, Gemma commenced the lease extension process just as the lease was nearing the critical eighty-year threshold. The transaction was concluded in November 2007. The landlord’s fees were kept to an absolute minimum.

South London case:

Ms Chantelle Stewart moved into a purpose-built apartment in South London in January 2012. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Comparative premises in South London with 100 year plus lease were in the region of £260,200. The average ground rent payable was £65 billed every twelve months. The lease terminated in 2092. Having 66 years remaining we estimated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of legals.