Why you should start your Coulsdon lease extension

Main reasons to start your Coulsdon lease extension today:

Increase your lease and increase your Coulsdon property value

The value of Coulsdon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

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

Banks and Building Societies may decide not to finance a property on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is probable that someone intending to purchase your property in the future might well do, so if they can't obtain a mortgage, then the value of your property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Coulsdon?

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

Coulsdon Lease Extension Case Summaries:

Daniel, Coulsdon, South London,

Daniel was the the leasehold owner of a studio apartment in Coulsdon on the market with a lease of just over 72 years unexpired. Daniel informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Daniel to exercise his statutory right. Daniel procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Coulsdon case:

Mr and Mrs. C Fournier owned a studio flat in Coulsdon in May 1995. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Identical homes in Coulsdon with 100 year plus lease were worth £225,400. The mid-range amount of ground rent was £45 collected yearly. The lease came to a finish in 2090. Having 64 years unexpired we calculated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus legals.