Crystal Palace Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Crystal Palace
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Crystal Palace lease extension

Why you should commence your Crystal Palace lease extension today:

A Crystal Palace leasehold property depreciates with the years remaining on the lease.

The value of Crystal Palace leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

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

Banks and building societies are really restricting their approach as regards to properties in Crystal Palace with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting the number of prospective purchasers.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Crystal Palace?

The lawyers that we work with procure Crystal Palace 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.

Crystal Palace Lease Extension Example Cases:

Jude, Crystal Palace, South East London

Last Christmas Jude, came very near to the eighty-year mark with the lease on his purpose- built apartment in Crystal Palace. Having bought his home two decades ago, the unexpired term was of no interest. Luckily, he noticed he needed to take action soon on a lease extension. Jude extended the lease just under the wire in July. Jude and the landlord subsequently settled on the final figure of £6,000 . If he had missed the deadline, the figure would have increased by at least £1,050.

Crystal Palace case:

Dr Charlotte Dupont acquired a ground floor apartment in Crystal Palace in March 2002. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar premises in Crystal Palace with 100 year plus lease were valued about £198,800. The mid-range amount of ground rent was £55 billed every twelve months. The lease lapsed in 2080. Given that there were 55 years left we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including costs.

Decision in Bromley

An example of a Lease Extension matter before the tribunal for a Crystal Palace premises is Flat 1 4 Border Crescent in March 2012. the Tribunal decided that the sum payable by the Applicants to the Respondent in respect of the new lease for the subject property should be £11,616.00 (ElevenThousand and Six Hundred and Sixteen Pounds) This case was in relation to 1 flat. The unexpired lease term was 72.04 years.