Top reasons for Malmesbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Malmesbury property value

For those whose Malmesbury property is held on a long lease, the message is clear – if you do nothing, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

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

Leasehold premises in Malmesbury with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This may cause difficulties when you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will need to wait two years before being able to commence the legal procedures for a lease extension.

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

Lease extensions in Malmesbury can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Malmesbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Malmesbury Lease Extension Example Cases:

Luke, Malmesbury, Wiltshire

In 2014 Luke, started to get near to the 80-year threshold with the lease on his two bedroom apartment in Malmesbury. Having purchased his home 18 years previously, the length of the lease was of little significance. by good luck, he became aware that he would soon be paying way over the odds for Extending the lease. Luke arranged for a lease extension just ahead of time last January. Luke and the freeholder via the management company subsequently agreed on sum of £6,000 . If he not met the deadline, the sum would have increased by at least £850.

Malmesbury case:

Last May we were phoned by Mr and Mrs. Y Mercier , who acquired a first floor flat in Malmesbury in September 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative premises in Malmesbury with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease expired on 6 November 2078. Considering the 52 years outstanding we estimated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 plus legals.

Malmesbury case:

Mr and Mrs. U Miller bought a ground floor flat in Malmesbury in October 2004. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Identical premises in Malmesbury with a long lease were worth £218,000. The mid-range amount of ground rent was £45 billed annually. The lease terminated in 2089. Having 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 not including legals.