Top reasons for Selsdon lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Selsdon is impacted by how long the lease has left to run. If it is near to or fewer than eighty years you should foresee problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is preferable to start the lease extension process when a lease still has 82 years to run so that formalities can be finalised in advance of the eighty year threshold. Leasehold Reform legislation enables Selsdon qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders will not grant a mortgage with a short lease

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

Irrespective of whether you are a tenant or a freeholder in Selsdon,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 Selsdon valuers.

Selsdon Lease Extension Example Cases:

Millie, Selsdon, Surrey,

Off the back of protracted correspondence with the landlord of her two bedroom flat in Selsdon, Millie commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The transaction was concluded in October 2006. The freeholder’s costs were negotiated to slightly above 700 pounds.

Selsdon case:

Ms Natalie Roberts acquired a studio apartment in Selsdon in May 1998. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Similar properties in Selsdon with a long lease were worth £183,600. The mid-range amount of ground rent was £65 collected monthly. The lease termination date was in 2083. Given that there were 57 years left we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of legals.