Top reasons for Selhurst lease extension

Main reasons to start your Selhurst lease extension today:

Increase your lease and increase your Selhurst property value

The market value of a leasehold property in Selhurst depends on how many years the lease has left to run. If it is near to or less than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension prior to purchasing. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that formalities can be addressed in advance of the eighty year cut off point. Leasehold Reform legislation enables Selhurst qualifying lessees to an additional term of ninety years in addition to the remaining term, at a peppercorn rent (no ground rent). The reason of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may cause difficulties when you wish to sell or refinance your property as it will be practically unmortgageable. Even though you may have no imminent desire to sell but when you do your buyer must hold off for two years before being able to exercise the right to a an extension to the lease.

What makes us experts in Selhurst lease extensions?

Lease extensions in Selhurst can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 procuring Selhurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Selhurst Lease Extension Example Cases:

Alexandra, Selhurst, South London,

Following lengthy correspondence with the landlord of her basement flat in Selhurst, Alexandra commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work was finalised in January 2013. The landlord’s costs were kept to an absolute minimum.

Selhurst case:

Last November we were approach by Mr and Mrs. M Moreau , who was assigned a lease of a garden apartment in Selhurst in November 1999. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in Selhurst with an extended lease were worth £260,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated in 2097. Considering the 71 years left we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.