Why you should commence your Tooting lease extension

Why you should commence your Tooting lease extension today:

A Tooting leasehold property depreciates with the years remaining on the lease.

For those whose Tooting property is held on a long lease, the message is clear – if you do nothing, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

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

Leasehold residencies in Tooting with in excess of 100 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not lend with a short lease

What makes us experts in Tooting lease extensions?

Lease extensions in Tooting can be a difficult process. We recommend you secure professional help from a lawyer and surveyor 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 procuring Tooting lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tooting Lease Extension Case Summaries:

Aimee, Tooting, South West London,

After unsuccessful correspondence with the landlord of her studio apartment in Tooting, Aimee started the lease extension process just as the lease was nearing the crucial eighty-year threshold. The transaction was concluded in July 2012. The landlord’s charges were restricted to slightly above 700 GBP.

Tooting case:

Ms Georgina Sharif completed a newly refurbished apartment in Tooting in January 2009. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical flats in Tooting with a long lease were worth £264,000. The average amount of ground rent was £60 billed every twelve months. The lease elapsed on 11 November 2079. Taking into account 53 years left we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 plus costs.