Top reasons for Coulsdon lease extension

Main reasons to start your Coulsdon lease extension today:

A Coulsdon lease depreciates with the years remaining on the lease.

Unfortunately that a Coulsdon residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Coulsdon property prices.Once your lease nears 85ish years, 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 dips lower than 80 years - otherwise a higher amount will be due. The majority of leasehold owners in Coulsdon will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

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

Lending institutions may not loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems if you wish to sell your flat in Coulsdon if the remaining lease term is below the criteria set by most lenders. Different mortgage companies have varying criteria but in the main theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Coulsdon lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle 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 conveyancing solicitor we work with provide it.

Coulsdon Lease Extension Case Summaries:

Rachael, Coulsdon, South London,

Off the back of lengthy negotiations with the freeholder of her garden apartment in Coulsdon, Rachael initiated the lease extension process as the 80 year threshold was quickly approaching. The lease extension was concluded in November 2012. The freeholder’s charges were kept to an absolute minimum.

Coulsdon case:

Mr and Mrs. Y James took over the lease of a one bedroom apartment in Coulsdon in February 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Identical homes in Coulsdon with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 collected monthly. The lease elapsed in 2086. Considering the 60 years remaining we estimated the premium to the landlord to extend the lease to be within £20,900 and £24,200 not including professional charges.