Stop! Your Lease Extension in New Malden Could Be FREE

Get a Free Case Review
Many leaseholders in New Malden are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in New Malden has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your New Malden lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Malden property value

The value of New Malden leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than eighty years

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage on a short lease

Lenders are really clamping down as regards to properties in New Malden with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of potential buyers.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in New Malden?

Irrespective of whether you are a tenant or a landlord in New Malden,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with New Malden valuers.

New Malden Lease Extension Example Cases:

Jasper, New Malden, South West London

In 2014 Jasper, came seriously near to the 80-year mark with the lease on his one bedroom flat in New Malden. In buying his property two decades ago, the unexpired term was of no interest. As luck would have it, he recognised he needed to take action soon on Extending the lease. Jasper was able to extend his lease just ahead of time in September. Jasper and the freeholder subsequently settled on an amount of £5,000 . If he not met the deadline, the sum would have gone up by at least £1,125.

New Malden case:

Mr and Mrs. G Morris owned a garden apartment in New Malden in February 2006. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Identical properties in New Malden with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 billed annually. The lease ended on 1 March 2082. Having 56 years outstanding we calculated the premium to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of expenses.

Decision in Kingston upon Thames

An example of a Lease Extension decision for a New Malden flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.