Main reasons to commence your Upper Tooting lease extension

Top reasons for lease extension now:

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

Upper Tooting leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Upper Tooting residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Upper Tooting you should see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to finance a property with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Many will simply refuse lend at all once the remaining lease term slips under a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are wanting to remortgage your Upper Tooting property.

What makes us experts in Upper Tooting lease extensions?

Lease extensions in Upper Tooting can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 Upper Tooting lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upper Tooting Lease Extension Case Studies:

Samantha, Upper Tooting, South West London,

After unsuccessful negotiations with the landlord of her leasehold apartment in Upper Tooting, Samantha commenced the lease extension process as the 80 year deadline was quickly nearing. The lease extension was concluded in January 2005. The landlord’s fees were negotiated to slightly above 450 GBP.

Upper Tooting case:

Last year we were contacted by Mr and Mrs. I Phillips , who bought a garden apartment in Upper Tooting in September 1997. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar flats in Upper Tooting with an extended lease were valued around £208,200. The average ground rent payable was £65 billed monthly. The lease terminated in 2087. Considering the 61 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of professional charges.

Upper Tooting case:

Last Christmas we were called by Mrs Bethany Clark , who was assigned a lease of a ground floor flat in Upper Tooting in October 2001. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Identical residencies in Upper Tooting with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease expired on 1 February 2098. Given that there were 72 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.