Why you should start your Coulsdon lease extension

Why you should commence your Coulsdon lease extension today:

Increase your lease and increase your Coulsdon property value

Coulsdon 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 your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Coulsdon residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Coulsdon you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Coulsdon with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not finance a property with a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Coulsdon property being difficult to sell or refinance.

What makes us experts in Coulsdon lease extensions?

Lease extensions in Coulsdon can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 dealing with Coulsdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Coulsdon Lease Extension Case Studies:

Sarah, Coulsdon, South London,

In the wake of 6 months of lengthy discussions with the landlord of her garden flat in Coulsdon, Sarah initiated the lease extension process as the eighty year mark was fast approaching. The transaction was concluded in September 2005. The freeholder’s costs were negotiated to under 650 pounds.

Coulsdon case:

Mrs E Girard bought a basement apartment in Coulsdon in April 2002. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Similar homes in Coulsdon with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced monthly. The lease finished on 24 May 2098. Considering the 72 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.