Top reasons for Selhurst lease extension

Main reasons to commence your Selhurst lease extension today:

A Selhurst lease depreciates with the years remaining on the lease.

It’s an underpublicised certainty that a Selhurst residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Selhurst property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in Selhurst will be able to extend under the legislation; however a lawyer should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.

An extended lease has roughly 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 is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lenders will not loan monies with a short lease

Lenders are really clamping down as regards to properties in Selhurst with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

What makes us experts in Selhurst lease extensions?

Regardless of whether you are a tenant or a freeholder in Selhurst,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Selhurst valuers.

Selhurst Lease Extension Example Cases:

Louise, Selhurst, South London,

Off the back of protracted discussions with the landlord of her basement apartment in Selhurst, Louise commenced the lease extension process just as the lease was approaching the critical 80-year deadline. The lease extension completed in August 2008. The landlord’s costs were negotiated to under 650 pounds.

Selhurst case:

Last Christmas we were e-mailed by Dr M Alexander , who completed a one bedroom apartment in Selhurst in July 2011. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Comparable homes in Selhurst with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £55 collected every twelve months. The lease end date was on 25 January 2105. Given that there were 79 years left we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including legals.