Why you should start your Selhurst lease extension

Top reasons for lease extension now:

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

Selhurst leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Selhurst enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Selhurst you must investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Selhurst leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Selhurst with more than one hundred years outstanding 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not loan monies with a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at 75 years remaining on the lease; others may be happy with anything with more than seventy years. With less than 60 years, it may be problematic to obtain a mortgage in the first place.

What makes us experts in Selhurst lease extensions?

Using our service will provide you enhanced control over the value of your Selhurst leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Selhurst Lease Extension Case Summaries:

Stanley, Selhurst, South London,

Stanley owned a 2 bedroom apartment in Selhurst being marketed with a lease of a little over 59 years left. Stanley informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Stanley to invoke his statutory right. Stanley procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Selhurst case:

In 2013 we were approached by Mr and Mrs. B Edwards who, having was assigned a lease of a garden flat in Selhurst in February 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical residencies in Selhurst with a long lease were worth £200,800. The average amount of ground rent was £65 invoiced yearly. The lease termination date was on 2 February 2086. Having 60 years unexpired we approximated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 not including fees.