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

The re-sale value of a leasehold property in New Malden depends on how many years the lease has left to run. If it is close to or fewer than 80 years you should envisage problems on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is ideal to start the lease extension process when a lease still has 82 years unexpired so that a lease extension can be finalised ahead of the 80 year threshold. Leasehold Reform legislation entitles New Malden qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not finance a property on a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties if you want to sell your flat in New Malden if the unexpired lease term is under the criteria set by most banks and building societies. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in New Malden lease extensions?

Irrespective of whether you are a tenant or a landlord in New Malden,the lease extension experts 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:

Mollie, New Malden, South West London,

Trailing protracted correspondence with the landlord of her garden apartment in New Malden, Mollie started the lease extension process as the eighty year deadline was quickly nearing. The legal work was concluded in November 2008. The freeholder’s fees were negotiated to a tad over 500 GBP.

New Malden case:

Last month we were e-mailed by Mr and Mrs. F Morgan , who bought a one bedroom flat in New Malden in January 1998. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Similar homes in New Malden with an extended lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease came to a finish on 3 September 2098. Taking into account 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.