Top reasons for Vauxhall lease extension

Main reasons to commence your Vauxhall lease extension today:

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

Vauxhall leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Vauxhall will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not loan monies on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As many flats in Vauxhall were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Vauxhall?

Lease extensions in Vauxhall can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in this area.

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

Vauxhall Lease Extension Example Cases:

Isabel, Vauxhall, South London,

Subsequent to lengthy correspondence with the landlord of her first floor apartment in Vauxhall, Isabel started the lease extension process as the eighty year threshold was fast advancing. The lease extension completed in January 2015. The landlord’s fees were negotiated to a tad over 650 pounds.

Vauxhall case:

Last Summer we were phoned by Mrs V Pérez , who owned a basement apartment in Vauxhall in February 2010. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Vauxhall with an extended lease were in the region of £171,800. The mid-range amount of ground rent was £55 billed monthly. The lease terminated in 2075. Taking into account 50 years left we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.