The only way is down when it comes to Selhurst lease terms. Selhurst flats that have a residual term less than than 80 years will reduce in value at a rapid rate, and the cost to extend your lease will increase.
Leasehold properties in Selhurst with over one hundred years left 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 upside in buying the freehold unless savings on ground rent and service charges justify it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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.
Off the back of protracted correspondence with the freeholder of her one bedroom apartment in Selhurst, Caitlin started the lease extension process just as the lease was nearing the crucial 80-year threshold. The lease extension was finalised in February 2015. The landlord’s charges were negotiated to under six hundred GBP.
In 2013 we were approached by Mr and Mrs. K Davis who, having was assigned a lease of a one bedroom apartment in Selhurst in January 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative homes in Selhurst with 100 year plus lease were valued around £242,600. The average ground rent payable was £45 invoiced annually. The lease lapsed in 2093. Having 67 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of expenses.
An example of a Lease Extension case for a Selhurst flat 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.