Main reasons to commence your Malden Rushett lease extension

Main reasons to start your Malden Rushett lease extension today:

Increase your lease and increase your Malden Rushett property value

The market value of a leasehold property in Malden Rushett is impacted by how many years the lease has remaining. If it is near to or fewer than 80 years you should anticipate problems on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be finalised ahead of the eighty year threshold. Current legislation enables Malden Rushett qualifying lessees to obtain a lease extension of ninety years on top of the remaining lease term at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This will cause difficulties when you need to market or refinance your property as it will be effectively unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser will need to hold off for a couple of years before being able to exercise the right to a an extension to the lease.

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 a wealth of experience 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 Example Cases:

Callum, Malden Rushett, South West London,

Callum was the the leasehold owner of a studio apartment in Malden Rushett being marketed with a lease of fraction over 59 years outstanding. Callum informally contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Callum to invoke his statutory right. Callum obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the flat.

Malden Rushett case:

Last Winter we were called by Mr and Mrs. O Williams , who moved into a studio apartment in Malden Rushett in June 1997. The question was if we could approximate the premium would be to prolong the lease by an additional years. Identical homes in Malden Rushett with an extended lease were in the region of £200,000. The average amount of ground rent was £50 invoiced monthly. The lease expired on 24 July 2104. Considering the 78 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus expenses.