Top reasons for Malden Rushett lease extension

Main reasons to start your Malden Rushett lease extension today:

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

Unfortunately that a Malden Rushett residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Malden Rushett property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Most leasehold owners in Malden Rushett will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.

Malden Rushett property with a lease extension has roughly the same value as a freehold

Leasehold properties in Malden Rushett with more than 100 years left 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

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

Most mortgage companies will not lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Malden Rushett property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Malden Rushett?

Retaining our service will provide you better control over the value of your Malden Rushett leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Malden Rushett Lease Extension Case Summaries:

Theo, Malden Rushett, South West London

Last Spring Theo, started to get close to the 80-year threshold with the lease on his two bedroom flat in Malden Rushett. Having purchased his property two decades ago, the length of the lease was of little bearing. by good luck, he noticed he would soon be paying an inflated amount for Extending the lease. Theo was able to extend his lease just under the wire in May. Theo and the landlord who owned the flat above ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the figure would have become more exhorbitant by at least £950.

Malden Rushett case:

In 2013 we were approached by Mr P Lee who, having bought a one bedroom flat in Malden Rushett in April 2006. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative homes in Malden Rushett with an extended lease were valued around £260,200. The mid-range ground rent payable was £65 invoiced per annum. The lease elapsed on 8 May 2092. Given that there were 66 years unexpired we approximated the premium to the landlord for the lease extension to be within £16,200 and £18,600 plus costs.