Why you should start your Malden lease extension

Main reasons to commence your Malden lease extension today:

A Malden lease depreciates with the years remaining on the lease.

The value of Malden leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years

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

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic when you come to dispose of or remortgage your flat as it will be practically unmortgageable. You might have no immediate intention to sell but when you do your buyer must hold off for 2 years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Malden?

Lease extensions in Malden can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Malden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Malden Lease Extension Case Summaries:

Jason, Malden, South West London,

Jason was the the leasehold owner of a high value flat in Malden on the market with a lease of a few days over 72 years unexpired. Jason informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jason to invoke his statutory right. Jason procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Malden case:

In 2009 we were phoned by Dr O François who, having owned a one bedroom flat in Malden in January 2003. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparative flats in Malden with a long lease were valued around £198,400. The average ground rent payable was £65 collected every twelve months. The lease concluded in 2085. Taking into account 59 years remaining we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 not including expenses.