Top reasons for Malden Rushett lease extension

Main reasons to start your Malden Rushett lease extension today:

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

As the length of the unexpired term of a Malden Rushett domestic lease decreases so does its value and therefore the value of your property. If the lease has, over 100 years to run then this decrease may be negligible however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. Many flat owners in Malden Rushett will qualify for this right; however a conveyancer will be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Malden Rushett with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not grant a mortgage with a short lease

Lending institutions have set criteria when lending monies charged on leasehold property. Some will simply refuse lend at all once the residual lease term slips below a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Malden Rushett property.

Why use us for your lease extension in Malden Rushett?

The lawyers that we work with undertake 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 lawyer we work with provide it.

Malden Rushett Lease Extension Example Cases:

Rachael, Malden Rushett, South West London,

Off the back of unsuccessful negotiations with the freeholder of her garden apartment in Malden Rushett, Rachael commenced the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction was concluded in June 2015. The freeholder’s costs were negotiated to about six hundred pounds.

Malden Rushett case:

Last August we were contacted by Mrs Abigail Dupont , who purchased a one bedroom flat in Malden Rushett in January 2002. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar residencies in Malden Rushett with 100 year plus lease were worth £280,000. The average ground rent payable was £45 collected monthly. The lease terminated on 6 November 2096. Given that there were 70 years left we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.