Why you should commence your Croydon lease extension

Why you should start your Croydon lease extension today:

Increase your lease and increase your Croydon property value

The market value of Croydon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold properties in Croydon with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to finance a property on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is probable that someone intending to acquire your property in the future might well do, so in the event that they are unable to get a mortgage, then the market price of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Croydon?

Irrespective of whether you are a tenant or a landlord in Croydon,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Croydon valuers.

Croydon Lease Extension Example Cases:

Hunter, Croydon, South London,

Hunter was the the leasehold owner of a conversion flat in Croydon being sold with a lease of fraction over 72 years unexpired. Hunter informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Croydon case:

Last Autumn we were called by Ms Rosie Howard , who moved into a one bedroom apartment in Croydon in June 2001. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable properties in Croydon with a long lease were valued about £290,000. The average ground rent payable was £45 collected quarterly. The lease terminated on 4 April 2098. Given that there were 72 years left we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 not including professional charges.