Top reasons for East Molesey lease extension

Top reasons for lease extension now:

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

The value of East Molesey 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 increase significantly once the unexpired lease term is less than 80 years

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

Leasehold premises in East Molesey with in excess of one hundred years unexpired on the lease are often 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 reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may not lend with a short lease

Many banks and building societies will not lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your East Molesey property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our East Molesey lease extension solicitors or enfranchisement solicitors

Using our service will provide you increased control over the value of your East Molesey leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

East Molesey Lease Extension Example Cases:

Callum, East Molesey, Surrey

In recent months Callum, came seriously near to the eighty-year mark with the lease on his leasehold flat in East Molesey. In buying his home two decades ago, the lease term was of no importance. Fortunately, he became aware that he would soon be paying an inflated amount for Extending the lease. Callum arranged for a lease extension just under the wire in March. Callum and the freeholder subsequently settled on the final figure of £6,000 . If he not met the deadline, the amount would have increased by a minimum £1,125.

East Molesey case:

In 2011 we were contacted by Mr and Mrs. W Miller who, having was assigned a lease of a garden apartment in East Molesey in June 2006. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Similar residencies in East Molesey with 100 year plus lease were worth £210,000. The mid-range ground rent payable was £50 collected quarterly. The lease terminated on 16 October 2106. Having 80 years outstanding we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.