Top reasons for Selhurst lease extension

Main reasons to commence your Selhurst lease extension today:

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

The market value of a leasehold property in Selhurst depends on how long the lease has left to run. If it is near to or less than eighty years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is preferable to commence the lease extension process when the lease still has 82 years remaining so that a lease extension can be concluded well before the 80 year mark. Statute entitles Selhurst qualifying lessees to obtain a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

Selhurst property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

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

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so if they are not able to get a mortgage, then the value of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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

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

Selhurst Lease Extension Example Cases:

Aarav, Selhurst, South London,

Aarav owned a 2 bedroom apartment in Selhurst on the market with a lease of fraction over 59 years remaining. Aarav on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Aarav to invoke his statutory right. Aarav procured expert legal guidance and secured an acceptable deal informally and readily saleable.

Selhurst case:

In 2009 we were approached by Mr and Mrs. M Davies who, having acquired a ground floor apartment in Selhurst in October 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative residencies in Selhurst with 100 year plus lease were in the region of £270,000. The average ground rent payable was £55 collected per annum. The lease lapsed on 9 August 2101. Having 75 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.