Top reasons for Crystal Palace lease extension

Top reasons for lease extension now:

Increase your lease and increase your Crystal Palace property value

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

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Get in touch with one of our Crystal Palace lease extension solicitors or enfranchisement solicitors

Using our service will provide you enhanced control over the value of your Crystal Palace leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crystal Palace Lease Extension Case Studies:

Sian, Crystal Palace, South East London,

In the wake of 9 months of lengthy correspondence with the landlord of her one bedroom flat in Crystal Palace, Sian commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction was finalised in September 2009. The freeholder’s costs were kept to an absolute minimum.

Crystal Palace case:

Last Spring we were approach by Dr Kirsty Ricardo , who owned a ground floor apartment in Crystal Palace in March 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Identical homes in Crystal Palace with a long lease were worth £275,000. The average amount of ground rent was £45 billed per annum. The lease came to a finish on 8 May 2095. Taking into account 69 years remaining we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.