Main reasons to commence your East Croydon lease extension

Main reasons to commence your East Croydon lease extension today:

A East Croydon leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in East Croydon you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to lend on a short lease

What makes us experts in East Croydon lease extensions?

Lease extensions in East Croydon can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with East Croydon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Croydon Lease Extension Example Cases:

Nathaniel, East Croydon, South London,

Nathaniel owned a high value apartment in East Croydon on the market with a lease of fraction over sixty years remaining. Nathaniel informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 annually. No ground rent would be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.

East Croydon case:

Last Christmas we were phoned by Mr and Mrs. G Murphy , who completed a purpose-built flat in East Croydon in August 2000. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable flats in East Croydon with 100 year plus lease were in the region of £166,800. The mid-range amount of ground rent was £50 collected quarterly. The lease terminated on 27 May 2076. Given that there were 50 years outstanding we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of fees.