Why you should commence your Coulsdon lease extension

Top reasons for lease extension now:

A Coulsdon leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Coulsdon you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not finance a property on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past banks were content with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Coulsdon?

The conveyancers that we work with undertake Coulsdon 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 conveyancing solicitor we work with provide it.

Coulsdon Lease Extension Case Studies:

Harry, Coulsdon, South London

Last Spring Harry, started to get near to the 80-year threshold with the lease on his studio flat in Coulsdon. Having purchased his flat 19 years previously, the unexpired term was of little significance. Thankfully, he became aware that he needed to take action soon on Extending the lease. Harry extended the lease just ahead of time last May. Harry and the freeholder via the managing agents in the end agreed on the final figure of £6,000 . If the lease had gone below eighty years, the price would have escalated by at least £950.

Coulsdon case:

Last Spring we were approach by Ms R Edwards , who bought a newly refurbished apartment in Coulsdon in November 2002. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar residencies in Coulsdon with 100 year plus lease were valued around £218,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease expiry date was on 24 April 2088. Given that there were 63 years left we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 not including fees.