Main reasons to commence your Selsdon lease extension

Main reasons to start your Selsdon lease extension today:

Increase your lease and increase your Selsdon property value

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

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

Leasehold properties in Selsdon with over one hundred years unexpired on the lease are often 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 estate charges justify it.

Lenders may not lend with a short lease

The propensity since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Selsdon?

Lease extensions in Selsdon can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.

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 Selsdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Selsdon Lease Extension Case Summaries:

Samantha, Selsdon, Surrey,

In the wake of 9 months of lengthy discussions with the landlord of her ground floor flat in Selsdon, Samantha commenced the lease extension process as the eighty year mark was quickly nearing. The lease extension completed in April 2005. The landlord’s costs were kept to an absolute minimum.

Selsdon case:

In 2013 we were approached by Dr S Miller who, having purchased a one bedroom flat in Selsdon in October 1998. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Selsdon with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease ran out in 2102. Taking into account 76 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.