Main reasons to commence your Malden Rushett lease extension

Why you should start your Malden Rushett lease extension today:

Increase your lease and increase your Malden Rushett property value

Malden Rushett leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Malden Rushett enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Malden Rushett you should check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

Malden Rushett property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Malden Rushett with in excess of 100 years outstanding on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Almost all banks and building societies will not lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Malden Rushett property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Malden Rushett?

The conveyancing solicitors 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 conveyancing solicitor we work with provide it.

Malden Rushett Lease Extension Case Summaries:

Max, Malden Rushett, South West London,

Max was the the leasehold proprietor of a 2 bedroom flat in Malden Rushett on the market with a lease of a few days over 59 years outstanding. Max informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Malden Rushett case:

In 2014 we were phoned by Mr and Mrs. F Mercier who, having was assigned a lease of a recently refurbished flat in Malden Rushett in March 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Malden Rushett with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced per annum. The lease came to a finish in 2077. Having 51 years outstanding we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus fees.