Top reasons for South West London lease extension

Top reasons for lease extension now:

A South West London lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in South West London you actually own a long leasehold interest over your property

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

Leasehold properties in South West London with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may not grant a mortgage with a short lease

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

Retaining our service gives you better control over the value of your South West London leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South West London Lease Extension Example Cases:

Eliot, South West London, London

Twenty four months ago Eliot, came dangerously near to the 80-year mark with the lease on his leasehold apartment in South West London. In buying his flat two decades ago, the unexpired term was of little significance. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Eliot arranged for a lease extension at the eleventh hour last July. Eliot and the freeholder ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have escalated by a minimum £900.

South West London case:

Mr T Ward bought a ground floor flat in South West London in August 1997. The dilemma was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparative homes in South West London with an extended lease were valued around £230,800. The average amount of ground rent was £60 invoiced quarterly. The lease concluded on 23 February 2086. Taking into account 60 years as a residual term we calculated the premium to the landlord to extend the lease to be between £24,700 and £28,600 plus costs.