When it comes to long leasehold property in Selhurst, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than 80 years left. Anyone in Selhurst with a lease approaching 81 years left should seriously consider extending it without delay. Once the lease term has below eighty years left, under the current legislation the freeholder can calculate and charge a greater amount, assessed on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Selhurst with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Selhurst can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in this area.
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 in-depth market knowledge 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.
In 2014 Aiden, came seriously close to the 80-year mark with the lease on his purpose- built apartment in Selhurst. Having purchased his home two decades ago, the unexpired term was of minimal concern. by good luck, he recognised he needed to take action soon on Extending the lease. Aiden was able to extend his lease at the eleventh hour in April. Aiden and the freeholder eventually settled on an amount of £5,500 . If he had missed the deadline, the sum would have increased by a minimum £875.
Ms Ashleigh Torres moved into a ground floor flat in Selhurst in October 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar residencies in Selhurst with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 billed per annum. The lease terminated on 5 April 2092. Given that there were 66 years remaining we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.
An example of a Lease Extension decision for a Selhurst property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The unexpired residue of the current lease was 26.38 years.