Top reasons for New Malden lease extension

Main reasons to commence your New Malden lease extension today:

A New Malden lease depreciates with the years remaining on the lease.

New Malden leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in New Malden will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is initiated so it’s best to be guided by a lawyer during the process.

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

Leasehold premises in New Malden with over 100 years remaining 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to issue a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be inadequate security.

What makes us experts in New Malden lease extensions?

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

New Malden Lease Extension Example Cases:

Milo, New Malden, South West London,

Milo was the the leasehold proprietor of a conversion apartment in New Malden being marketed with a lease of just over 72 years unexpired. Milo informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Milo to exercise his statutory right. Milo procured expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

New Malden case:

Last year we were approach by Mr G Bernard , who owned a first floor apartment in New Malden in February 2006. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparable residencies in New Malden with a long lease were worth £225,400. The mid-range ground rent payable was £45 collected monthly. The lease came to a finish on 4 July 2090. Given that there were 64 years outstanding we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus legals.