Main reasons to commence your Southall lease extension

Why you should commence your Southall lease extension today:

A Southall lease depreciates with the years remaining on the lease.

The market value of Southall 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 remaining term is less than eighty years

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

Leasehold residencies in Southall with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Why use us for your lease extension in Southall?

The lawyers that we work with procure Southall 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.

Southall Lease Extension Example Cases:

Sam, Southall, North London

Half a year ago Sam, started to get near to the 80-year mark with the lease on his ground floor apartment in Southall. In buying his home two decades ago, the length of the lease was of little importance. Thankfully, he realised he would soon be paying way over the odds for a lease extension. Sam arranged for a lease extension just in the nick of time in August. Sam and the freeholder in the end settled on an amount of £6,000 . If he not met the deadline, the figure would have become more exhorbitant by a minimum £950.

Southall case:

Mr K Parker was assigned a lease of a basement apartment in Southall in September 1999. The question was if we could estimate the premium could be for a 90 year extension to my lease. Similar flats in Southall with an extended lease were in the region of £218,400. The mid-range amount of ground rent was £60 collected yearly. The lease terminated in 2085. Considering the 59 years outstanding we approximated the premium to the landlord to extend the lease to be between £27,600 and £31,800 plus legals.