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Why you should commence your Malden Rushett lease extension


Why you should commence your Malden Rushett lease extension today:

Increase your lease and increase your Malden Rushett property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Malden Rushett can extend the lease for a further ninety years in accordance with statute. Please think carefully before delaying your Malden Rushett lease extension. Shelving the costs now simply increases the price you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Malden Rushett with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not finance a property with a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you need to sell your flat in Malden Rushett if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Malden Rushett lease extensions?

Lease extensions in Malden Rushett can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Malden Rushett lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Malden Rushett Lease Extension Case Studies:

Alex, Malden Rushett, South West London,

Alex owned a studio apartment in Malden Rushett on the market with a lease of just over 59 years outstanding. Alex on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Alex to exercise his statutory right. Alex obtained expert advice and was able to make a more informed decision and deal with the matter and sell the flat.

Malden Rushett case:

Last Autumn we were approach by Dr Luke Thomas , who completed a first floor flat in Malden Rushett in February 2003. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparable homes in Malden Rushett with 100 year plus lease were valued around £285,000. The average amount of ground rent was £45 collected monthly. The lease finished in 2095. Taking into account 71 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.

Decision in Kingston upon Thames

An example of a Lease Extension case for a Malden Rushett residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.