Stop! Your Lease Extension in Selhurst Could Be FREE

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Many leaseholders in Selhurst are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Selhurst has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Selhurst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Selhurst property value

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

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

Leasehold properties in Selhurst with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not grant a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Selhurst property being difficult to dispose of or to obtain finance on.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Selhurst lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle 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 conveyancing solicitor we work with provide it.

Selhurst Lease Extension Case Studies:

Noah, Selhurst, South London

Last Christmas Noah, came very near to the eighty-year threshold with the lease on his basement apartment in Selhurst. Having bought his flat two decades ago, the length of the lease was of no concern. Thankfully, he recognised he needed to take action soon on Extending the lease. Noah arranged for a lease extension just in the nick of time in June. Noah and the freeholder ultimately agreed on a premium of £5,500 . If the lease had slid below eighty years, the amount would have gone up by a minimum £850.

Selhurst case:

Last month we were phoned by Mr Nathan Murphy , who moved into a one bedroom apartment in Selhurst in September 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative residencies in Selhurst with 100 year plus lease were valued about £225,400. The average amount of ground rent was £45 billed per annum. The lease finished in 2090. Considering the 64 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of professional charges.

Decision in Bromley

An example of a Lease Extension case for a Selhurst premises 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 related to 1 flat. The number of years remaining on the existing lease(s) was 26.38 years.