Why you should start your Coulsdon lease extension

Main reasons to commence your Coulsdon lease extension today:

Increase your lease and increase your Coulsdon property value

Coulsdon leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Coulsdon tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Coulsdon you would be well advised to check if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

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

Mortgage companies are really clamping down as regards to homes in Coulsdon with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Coulsdon lease extensions?

Regardless of whether you are a tenant or a landlord in Coulsdon,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Coulsdon valuers.

Coulsdon Lease Extension Case Summaries:

Luke, Coulsdon, South London

Last Winter Luke, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Coulsdon. In buying his home twenty years ago, the unexpired term was of minimal bearing. Luckily, it dawned on him that he would soon be paying way over the odds for Extending the lease. Luke was able to extend his lease just under the wire in March. Luke and the landlord eventually agreed on sum of £5,500 . If the lease had gone below 80 years, the figure would have gone up by at least £875.

Coulsdon case:

Mr N Sánchez acquired a ground floor flat in Coulsdon in January 2008. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparative properties in Coulsdon with an extended lease were in the region of £245,000. The average amount of ground rent was £50 billed per annum. The lease concluded on 20 May 2094. Taking into account 68 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.