Main reasons to commence your Malden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Malden property value

Malden leases on residential deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Malden will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

Malden 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 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions will not lend with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this could result in your Malden property becoming difficult to dispose of or refinance.

What makes us experts in Malden lease extensions?

Retaining our service will provide you better control over the value of your Malden leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Malden Lease Extension Example Cases:

Sebastian, Malden, South West London,

Sebastian was the the leasehold proprietor of a conversion flat in Malden being marketed with a lease of just over 59 years remaining. Sebastian on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert legal guidance and secured an acceptable deal informally and readily saleable.

Malden case:

Dr Rory Cooper purchased a basement apartment in Malden in October 1996. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Similar homes in Malden with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 collected every twelve months. The lease concluded in 2097. Considering the 71 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.