Main reasons to commence your East Croydon lease extension

Top reasons for lease extension now:

Increase your lease and increase your East Croydon property value

For anyone whose East Croydon flat is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

East Croydon property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

Nearly all mortgage companies will not lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this could result in your East Croydon property being difficult to dispose of or remortgage.

Why use us for your lease extension in East Croydon?

Regardless of whether you are a tenant or a freeholder in East Croydon,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Croydon valuers.

East Croydon Lease Extension Case Summaries:

Freya, East Croydon, South London,

Trailing unsuccessful correspondence with the freeholder of her ground floor flat in East Croydon, Freya commenced the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction completed in August 2009. The freeholder’s costs were restricted to slightly above 700 GBP.

East Croydon case:

Last year we were called by Mr and Mrs. E Edwards , who was assigned a lease of a garden flat in East Croydon in March 2011. The question was if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparative homes in East Croydon with a long lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease finished in 2099. Having 73 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.