Why you should commence your Croydon lease extension

Main reasons to start your Croydon lease extension today:

Increase your lease and increase your Croydon property value

Chances are that where you own a flat in Croydon you actually own a long leasehold interest over your property

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

Leasehold premises in Croydon with in excess of one hundred years left 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 purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not grant a mortgage on a short lease

Lenders do not like short residential leases. You most probably encounter problems if you need to sell your flat in Croydon if the unexpired term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Croydon?

Engaging our service will provide you better control over the value of your Croydon leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Croydon Lease Extension Example Cases:

Laura, Croydon, South London,

Following unsuccessful negotiations with the freeholder of her purpose-built flat in Croydon, Laura commenced the lease extension process as the 80 year mark was swiftly coming. The legal work was finalised in March 2006. The landlord’s charges were restricted to slightly above 650 pounds.

Croydon case:

Last month we were called by Mr and Mrs. P Martinez , who took over the lease of a basement flat in Croydon in July 2008. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar homes in Croydon with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish on 4 July 2102. Considering the 76 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.