Main reasons to 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

The market value of South London 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 escalate substantially once the remaining term is less than 80 years

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

Leasehold residencies in South London with in excess of one hundred years unexpired on the lease are often 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 to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not loan monies on a short lease

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

The conveyancing solicitors that we work with undertake 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 conveyancer we work with provide it.

South London Lease Extension Case Summaries:

Seth, South London, London,

Seth was the the leasehold proprietor of a 2 bedroom apartment in South London on the market with a lease of just over 59 years outstanding. Seth on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

South London case:

Last Winter we were called by Dr H Khan , who was assigned a lease of a one bedroom apartment in South London in September 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Comparable residencies in South London with 100 year plus lease were valued about £166,800. The mid-range amount of ground rent was £50 billed monthly. The lease finished on 7 May 2076. Having 50 years as a residual term we calculated the premium to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of professional charges.