Top reasons for Southam lease extension

Top reasons for lease extension now:

Increase your lease and increase your Southam property value

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

An extended lease has roughly the same value as a freehold

Leasehold properties in Southam with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

Why use us for your lease extension in Southam?

Lease extensions in Southam can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Southam lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Southam Lease Extension Example Cases:

Jade, Southam, Warwickshire,

Trailing protracted correspondence with the landlord of her garden flat in Southam, Jade commenced the lease extension process as the 80 year threshold was rapidly nearing. The legal work was finalised in October 2013. The landlord’s fees were kept to an absolute minimum.

Southam case:

Last Summer we were contacted by Mr and Mrs. K Kelly , who owned a garden apartment in Southam in May 1997. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative premises in Southam with 100 year plus lease were in the region of £183,600. The average amount of ground rent was £65 collected quarterly. The lease ran out on 15 October 2083. Taking into account 57 years outstanding we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including legals.

Southam case:

Last Autumn we were e-mailed by Mr and Mrs. E Mason , who moved into a one bedroom apartment in Southam in May 1998. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparable premises in Southam with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £50 invoiced annually. The lease expiry date was in 2094. Taking into account 68 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.