Why you should commence your Selhurst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Selhurst property value

Selhurst leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Selhurst tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Selhurst you should investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a Selhurst flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Selhurst with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may not lend on a short lease

Lenders are really restricting their approach as regards to properties in Selhurst with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of prospective purchasers.

Why use us for your lease extension in Selhurst?

The lawyers that we work with undertake Selhurst lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Selhurst Lease Extension Example Cases:

Joseph, Selhurst, South London

Half a year ago Joseph, came seriously close to the 80-year mark with the lease on his purpose- built flat in Selhurst. Having purchased his property two decades ago, the lease term was of little interest. Fortunately, he became aware that he would imminently be paying way over the odds for Extending the lease. Joseph arranged for a lease extension just under the wire in June. Joseph and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If he had missed the deadline, the sum would have become more exhorbitant by at least £1,000.

Selhurst case:

Mr and Mrs. H Vincent purchased a ground floor flat in Selhurst in July 2001. The dilemma was if we could estimate the price would be to extend the lease by a further 90 years. Comparative properties in Selhurst with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £50 billed per annum. The lease ran out in 2100. Taking into account 74 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.