Why you should start your South West London lease extension

Main reasons to commence your South West London lease extension today:

Increase your lease and increase your South West London property value

The market value of South West London leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is less than eighty years

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

Leasehold premises in South West London with in excess of 100 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 buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may not issue a mortgage with a short lease

Why use us for your lease extension in South West London?

The lawyers that we work with handle South West 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 lawyer we work with provide it.

South West London Lease Extension Example Cases:

Alfie, South West London, London

Last October Alfie, came seriously near to the 80-year mark with the lease on his one bedroom apartment in South West London. Having bought his flat two decades ago, the unexpired term was of little concern. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Alfie was able to extend his lease just ahead of time last March. Alfie and the landlord who owned the flat above subsequently agreed on an amount of £5,500 . If the lease had dropped lower than 80 years, the amount would have increased by a minimum £900.

South West London case:

In 2013 we were approached by Mr and Mrs. C Khan who, having bought a ground floor flat in South West London in March 1996. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar properties in South West London with a long lease were valued about £275,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease concluded in 2094. Taking into account 68 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.