Why you should commence your New Malden lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Malden property value

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

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

Leasehold properties in New Malden with more than 100 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders will not grant a mortgage with a short lease

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

Retaining our service gives you better control over the value of your New Malden leasehold, as your property will be more valuable and marketable 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.

New Malden Lease Extension Case Summaries:

Ali, New Malden, South West London,

Ali was the the leasehold owner of a 2 bedroom apartment in New Malden being sold with a lease of just over 61 years remaining. Ali on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Ali to exercise his statutory right. Ali procured expert advice and secured satisfactory resolution informally and sell the flat.

New Malden case:

Mr and Mrs. M Moreau purchased a one bedroom apartment in New Malden in August 2009. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Identical residencies in New Malden with a long lease were in the region of £250,000. The average amount of ground rent was £50 invoiced every twelve months. The lease concluded on 21 November 2094. Considering the 68 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.