Top reasons for Colliers Wood lease extension

Main reasons to commence your Colliers Wood lease extension today:

Increase your lease and increase your Colliers Wood property value

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

An extended lease is almost the same value as a freehold

Leasehold properties in Colliers Wood with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

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

The lawyers that we work with procure Colliers Wood 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 lawyer we work with provide it.

Colliers Wood Lease Extension Case Studies:

James, Colliers Wood, South West London,

James owned a high value apartment in Colliers Wood on the market with a lease of a little over sixty years left. James informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be payable on a lease extension were James to invoke his statutory right. James obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.

Colliers Wood case:

Last Summer we were called by Dr Ryan Leroy , who took over the lease of a basement apartment in Colliers Wood in August 1996. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparable premises in Colliers Wood with an extended lease were valued around £246,800. The average amount of ground rent was £60 collected yearly. The lease elapsed on 26 November 2076. Having 50 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 plus expenses.