Top reasons for Copse Hill lease extension

Main reasons to start your Copse Hill lease extension today:

Increase your lease and increase your Copse Hill property value

The market value of a leasehold property in Copse Hill is impacted by how long the lease has remaining. If it is near to or less than 80 years you should anticipate difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that formalities can be concluded ahead of the 80 year cut off point. Current legislation entitles Copse Hill qualifying lessees to an additional term of ninety years in addition to the existing term, at a peppercorn rent (zero ground rent). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

Lenders are really clamping down as regards to properties in Copse Hill with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the number of potential purchasers.

What makes us experts in Copse Hill lease extensions?

Retaining our service will provide you enhanced control over the value of your Copse Hill leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Copse Hill Lease Extension Case Studies:

Alfie, Copse Hill, South West London

Last Christmas Alfie, started to get close to the eighty-year mark with the lease on his ground floor apartment in Copse Hill. Having purchased his flat 19 years ago, the lease term was of little significance. Luckily, he noticed he needed to take steps soon on a lease extension. Alfie arranged for a lease extension just under the wire in May. Alfie and the landlord ultimately agreed on an amount of £6,000 . If the lease had slipped below 80 years, the figure would have increased by a minimum £1,100.

Copse Hill case:

Last year we were e-mailed by Mr C Robinson , who acquired a one bedroom flat in Copse Hill in June 2010. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical residencies in Copse Hill with a long lease were worth £285,000. The average ground rent payable was £55 billed monthly. The lease came to a finish on 10 November 2106. Considering the 80 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.