Main reasons to commence your East Molesey lease extension

Main reasons to start your East Molesey lease extension today:

A East Molesey lease depreciates with the years remaining on the lease.

East Molesey leases on domestic properties are gradually losing value. if your lease has about 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in East Molesey will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

East Molesey property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not finance a property on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering many flats in East Molesey were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in East Molesey lease extensions?

Lease extensions in East Molesey can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring East Molesey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Molesey Lease Extension Example Cases:

Ryan, East Molesey, Surrey

Last October Ryan, started to get close to the eighty-year threshold with the lease on his garden flat in East Molesey. In buying his home twenty years previously, the unexpired term was of no concern. by good luck, he became aware that he would soon be paying an inflated amount for a lease extension. Ryan extended the lease at the eleventh hour last January. Ryan and the landlord in the end settled on a premium of £5,500 . If the lease had descended lower than 80 years, the sum would have become more exhorbitant by at least £950.

East Molesey case:

Last Winter we were approach by Dr T Howard , who acquired a one bedroom flat in East Molesey in February 2007. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Comparable flats in East Molesey with an extended lease were worth £275,000. The mid-range amount of ground rent was £65 billed quarterly. The lease expired in 2094. Taking into account 68 years remaining we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.