Main reasons to commence your Selhurst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Selhurst property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Selhurst can extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Selhurst lease extension. Shelving the costs today simply escalates the amount you will eventually be required to pay to extend the lease.

Selhurst property with a lease extension is almost the same value as a freehold

Leasehold premises in Selhurst with over 100 years left on the lease are sometimes 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 freehold unless savings on ground rent and estate charges warrant it.

Lenders may not lend with a short lease

Mortgage lenders have specific criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once the residual lease term goes lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to remortgage your Selhurst home.

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

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

Selhurst Lease Extension Example Cases:

Harriet, Selhurst, South London,

Trailing lengthy negotiations with the freeholder of her studio apartment in Selhurst, Harriet commenced the lease extension process as the eighty year deadline was fast approaching. The transaction was finalised in April 2010. The landlord’s charges were negotiated to about 600 pounds.

Selhurst case:

Ms Courtney Collins was assigned a lease of a one bedroom apartment in Selhurst in September 1998. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Selhurst with an extended lease were in the region of £264,000. The mid-range amount of ground rent was £60 invoiced annually. The lease ended on 12 November 2078. Given that there were 53 years outstanding we calculated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 exclusive of fees.