Stop! Your Lease Extension in Malden Rushett Could Be FREE

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Many leaseholders in Malden Rushett are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Malden Rushett has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Malden Rushett lease extension

Top reasons for lease extension now:

Increase your lease and increase your Malden Rushett property value

Malden Rushett residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

Malden Rushett property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies with a short lease

Many mortgage lenders will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this could result in your Malden Rushett property being difficult to sell or to obtain finance on.

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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Malden Rushett lease extensions?

The conveyancers 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 Studies:

Luca, Malden Rushett, South West London,

Luca was the the leasehold proprietor of a conversion flat in Malden Rushett being marketed with a lease of a few days over 72 years left. Luca informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Luca to invoke his statutory right. Luca obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.

Malden Rushett case:

In 2013 we were approached by Dr Finn Anderson who, having purchased a one bedroom apartment in Malden Rushett in June 2004. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical residencies in Malden Rushett with an extended lease were in the region of £267,600. The average ground rent payable was £65 collected monthly. The lease finished in 2093. Taking into account 67 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 not including expenses.

Decision in Kingston upon Thames

An example of a Lease Extension decision 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.