Main reasons to commence your Vauxhall lease extension

Main reasons to start your Vauxhall lease extension today:

Increase your lease and increase your Vauxhall property value

Unfortunately that a Vauxhall residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Vauxhall property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be payable. Most flat owners in Vauxhall will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the process.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property on a short lease

Why use us for your lease extension in Vauxhall?

Regardless of whether you are a tenant or a landlord in Vauxhall,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Vauxhall valuers.

Vauxhall Lease Extension Example Cases:

Stanley, Vauxhall, South London,

Stanley was the the leasehold proprietor of a studio apartment in Vauxhall on the market with a lease of a little over 72 years outstanding. Stanley on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Stanley to exercise his statutory right. Stanley procured expert advice and secured an acceptable deal informally and ending up with a market value flat.

Vauxhall case:

In 2013 we were contacted by Mrs E Walker who, having acquired a one bedroom flat in Vauxhall in August 2001. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparative residencies in Vauxhall with an extended lease were worth £275,000. The mid-range ground rent payable was £65 billed quarterly. The lease ran out in 2094. Taking into account 68 years left we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of legals.