Top reasons for Selsdon lease extension

Why you should start your Selsdon lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Selsdon. Clearly, the term of lease left shortens over time. This is often ignored and only raises itself as an issue when the residence has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Selsdon have the right to extend the lease for an additional ninety years in accordance with statute. Please give careful deliberation before putting off your Selsdon lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in Selsdon with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Selsdon property.

Why use us for your lease extension in Selsdon?

Engaging our service will provide you increased control over the value of your Selsdon leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Selsdon Lease Extension Case Studies:

Katie, Selsdon, Surrey,

Subsequent to protracted discussions with the landlord of her first floor flat in Selsdon, Katie initiated the lease extension process as the 80 year mark was swiftly nearing. The lease extension completed in October 2009. The freeholder’s fees were negotiated to less than 600 pounds.

Selsdon case:

Dr O González moved into a recently refurbished apartment in Selsdon in August 1995. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative flats in Selsdon with an extended lease were valued around £246,800. The average ground rent payable was £60 billed annually. The lease ended on 14 July 2076. Considering the 50 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 not including expenses.