Why you should start your Malden Rushett lease extension

Why you should commence your Malden Rushett lease extension today:

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

When it comes to long leasehold premises in Malden Rushett, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than 80 years left. Residents in Malden Rushett with a lease nearing 81 years left should seriously consider extending it as soon as possible. Once a lease has less than 80 years remaining, under the current statute the freeholder is entitled to calculate and demand a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold premises in Malden Rushett with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to loan monies on a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Malden Rushett property being difficult to sell or refinance.

What makes us experts in Malden Rushett lease extensions?

The lawyers that we work with procure 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 conveyancer we work with provide it.

Malden Rushett Lease Extension Example Cases:

Jacob, Malden Rushett, South West London

In 2014 Jacob, started to get near to the 80-year mark with the lease on his one bedroom flat in Malden Rushett. Having purchased his flat two decades ago, the unexpired term was of little significance. Luckily, he became aware that he would soon be paying an escalated premium for Extending the lease. Jacob extended the lease at the eleventh hour last May. Jacob and the landlord in the end agreed on a premium of £6,000 . If he not met the deadline, the sum would have gone up by a minimum £850.

Malden Rushett case:

Last year we were e-mailed by Mr and Mrs. T Scott , who purchased a purpose-built apartment in Malden Rushett in January 2009. The question was if we could approximate the premium would be for a 90 year extension to my lease. Similar premises in Malden Rushett with a long lease were worth £198,800. The average ground rent payable was £55 billed quarterly. The lease termination date was in 2081. Given that there were 55 years remaining we estimated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 exclusive of fees.