Why you should start your Selhurst lease extension

Why you should commence your Selhurst lease extension today:

Increase your lease and increase your Selhurst property value

Chances are that if you own a flat in Selhurst you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not finance a property with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Selhurst property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Selhurst?

The conveyancers that we work with handle Selhurst 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.

Selhurst Lease Extension Case Studies:

Freddie, Selhurst, South London

Last Winter Freddie, started to get near to the 80-year mark with the lease on his two bedroom apartment in Selhurst. Having bought his home two decades ago, the lease term was of minimal relevance. Fortunately, he recognised he needed to take action soon on a lease extension. Freddie extended the lease just ahead of time in August. Freddie and the freeholder via the management company in the end agreed on an amount of £5,500 . If the lease had slid to less than 80 years, the price would have gone up by at least £1,125.

Selhurst case:

In 2010 we were phoned by Mr and Mrs. K Torres who, having moved into a first floor apartment in Selhurst in October 1999. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Comparative residencies in Selhurst with an extended lease were valued about £245,000. The average amount of ground rent was £45 invoiced annually. The lease elapsed on 15 November 2093. Considering the 68 years left we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.