Top reasons for Coulsdon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Coulsdon property value

With a domestic leasehold property in Coulsdon, you are actually purchasing an entitlement to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially when there are fewer than eighty years left. Anyone in Coulsdon with a lease drawing near to 81 years left should seriously think of extending it without delay. Once a lease has below eighty years remaining, under the current Act the freeholder is entitled to calculate and levy a greater amount, based on a technical multiplication, known as “marriage value” which is payable.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes below a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Coulsdon property.

Why use us for your lease extension in Coulsdon?

The conveyancers that we work with undertake Coulsdon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Coulsdon Lease Extension Case Summaries:

Jackson, Coulsdon, South London

Last Winter Jackson, started to get close to the eighty-year mark with the lease on his studio apartment in Coulsdon. Having bought his flat twenty years previously, the length of the lease was of no relevance. by good luck, he recognised he would imminently be paying an escalated premium for Extending the lease. Jackson extended the lease at the eleventh hour in March. Jackson and the landlord who owned the flat above in the end settled on sum of £5,500 . If he had missed the deadline, the price would have increased by a minimum £850.

Coulsdon case:

Last Summer we were contacted by Mr A Michel , who purchased a studio flat in Coulsdon in May 2000. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar residencies in Coulsdon with 100 year plus lease were valued about £176,200. The mid-range ground rent payable was £65 collected quarterly. The lease ended in 2082. Considering the 56 years remaining we approximated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 plus expenses.