Why you should start your Malmesbury lease extension

Top reasons for lease extension now:

A Malmesbury leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Malmesbury. Inevitably, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the property needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Malmesbury have the legal entitlement to extend the lease for a further 90 years in accordance with legislation. Do give careful deliberation before putting off your Malmesbury lease extension. Holding off the cost now likely increases the price you will ultimately incur for a lease extension

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not lend on a short lease

Get in touch with one of our Malmesbury lease extension solicitors or enfranchisement solicitors

Using our service gives you increased control over the value of your Malmesbury leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Malmesbury Lease Extension Example Cases:

Molly, Malmesbury, Wiltshire,

In the wake of 6 months of unsuccessful negotiations with the landlord of her two bedroom flat in Malmesbury, Molly started the lease extension process as the eighty year deadline was quickly coming. The transaction was finalised in March 2008. The landlord’s costs were restricted to less than 450 pounds.

Malmesbury case:

Ms R Lefèvre bought a garden apartment in Malmesbury in September 1999. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative homes in Malmesbury with an extended lease were valued around £255,000. The mid-range amount of ground rent was £50 collected yearly. The lease concluded in 2097. Considering the 71 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Malmesbury case:

Last month we were called by Mr and Mrs. F Hernández , who completed a first floor flat in Malmesbury in September 2006. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Identical flats in Malmesbury with an extended lease were valued around £254,200. The average amount of ground rent was £60 collected annually. The lease ended in 2077. Taking into account 51 years remaining we estimated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 not including expenses.