Main reasons to commence your Copthorne lease extension

Main reasons to start your Copthorne lease extension today:

Increase your lease and increase your Copthorne property value

Copthorne residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

Copthorne property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

Banks and building societies are tightening their criteria and many now expect flats to have at least 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Copthorne were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Copthorne lease extensions?

Lease extensions in Copthorne can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Copthorne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Copthorne Lease Extension Example Cases:

Ollie, Copthorne, West Sussex

In 2014 Ollie, came critically close to the 80-year threshold with the lease on his ground floor flat in Copthorne. Having purchased his property 19 years previously, the lease term was of minimal importance. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Ollie extended the lease just ahead of time last January. Ollie and the landlord ultimately agreed on a premium of £5,000 . If he had missed the deadline, the figure would have gone up by at least £1,150.

Copthorne case:

Mr and Mrs. R André owned a basement flat in Copthorne in April 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Identical homes in Copthorne with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 collected per annum. The lease terminated in 2082. Taking into account 56 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 plus costs.

Copthorne case:

Mr and Mrs. O Moreau took over the lease of a basement apartment in Copthorne in June 1995. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Identical properties in Copthorne with an extended lease were in the region of £237,600. The average ground rent payable was £45 billed per annum. The lease ran out in 2093. Considering the 67 years remaining we calculated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of legals.