Main reasons to start your Copse Hill lease extension

Why you should start your Copse Hill lease extension today:

A Copse Hill lease depreciates with the years remaining on the lease.

Copse Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Copse Hill residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Copse Hill you would be well advised to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold properties in Copse Hill with in excess of 100 years unexpired on the lease are often referred to as ‘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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may not grant a mortgage with a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that plenty of flats in Copse Hill were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Copse Hill lease extensions?

The conveyancing solicitors that we work with procure Copse Hill 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.

Copse Hill Lease Extension Example Cases:

Freddie, Copse Hill, South West London

In recent months Freddie, came very near to the eighty-year mark with the lease on his leasehold flat in Copse Hill. Having purchased his property two decades ago, the length of the lease was of little interest. by good luck, he became aware that he needed to take steps soon on a lease extension. Freddie arranged for a lease extension at the eleventh hour last April. Freddie and the landlord who owned the flat above subsequently settled on sum of £6,000 . If the lease had descended below eighty years, the premium would have increased by a minimum £1,050.

Copse Hill case:

Mr and Mrs. O Taylor completed a studio flat in Copse Hill in September 2000. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Similar properties in Copse Hill with 100 year plus lease were in the region of £203,200. The average ground rent payable was £65 invoiced per annum. The lease termination date was on 22 April 2087. Taking into account 61 years outstanding we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of legals.