Top reasons for Malden Rushett lease extension

Main reasons to commence your Malden Rushett lease extension today:

Increase your lease and increase your Malden Rushett property value

Malden Rushett leases on domestic properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease falls lower than 80 years - otherwise a higher premium will be payable. Leasehold owners in Malden Rushett will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some cases you may not qualify. There are also strict timetables and formalities to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property with a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term goes lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Malden Rushett property.

Why use us for your lease extension in Malden Rushett?

The conveyancing solicitors that we work with handle Malden Rushett lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Malden Rushett Lease Extension Case Summaries:

Molly, Malden Rushett, South West London,

Off the back of lengthy correspondence with the landlord of her basement flat in Malden Rushett, Molly started the lease extension process just as the lease was nearing the all-important eighty-year mark. The legal work was finalised in February 2011. The freeholder’s fees were kept to an absolute minimum.

Malden Rushett case:

In 2014 we were phoned by Mr and Mrs. I Martin who, having took over the lease of a basement apartment in Malden Rushett in June 2009. The question was if we could estimate the premium could be for a 90 year extension to my lease. Identical premises in Malden Rushett with 100 year plus lease were in the region of £285,000. The average ground rent payable was £45 invoiced monthly. The lease termination date was on 13 November 2097. Given that there were 72 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.