Top reasons for Copthorne lease extension

Main reasons to start your Copthorne lease extension today:

Increase your lease and increase your Copthorne property value

Copthorne leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Copthorne residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Copthorne you must investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage with a short lease

Many mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be conscious that it is likely that someone intending to purchase your property in the future might well do, so where they are not able to get a mortgage, then the value of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Copthorne lease extensions?

Lease extensions in Copthorne can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge 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:

Benjamin, Copthorne, West Sussex,

Benjamin was the the leasehold proprietor of a studio apartment in Copthorne on the market with a lease of just over 59 years outstanding. Benjamin informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Benjamin to exercise his statutory right. Benjamin obtained expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Copthorne case:

Last April we were phoned by Dr I Roberts , who completed a basement apartment in Copthorne in September 1998. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Comparative homes in Copthorne with 100 year plus lease were in the region of £245,000. The mid-range amount of ground rent was £50 collected annually. The lease expired on 7 October 2094. Given that there were 68 years outstanding we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.

Copthorne case:

In 2014 we were approached by Mr and Mrs. G Laurent who, having moved into a first floor flat in Copthorne in March 2011. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical flats in Copthorne with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 billed monthly. The lease finished on 16 January 2105. Having 79 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.