Why you should start your Malton lease extension

Main reasons to start your Malton lease extension today:

Increase your lease and increase your Malton property value

The only way is down when it comes to Malton lease terms. Malton flats that have a residual term less than than eighty years will de-escalate in market price at a rapid rate, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

Leasehold properties in Malton with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may not issue a mortgage with a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold property. Some will simply not lend at all once the residual lease term slips below a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are seeking to remortgage your Malton property.

What makes us experts in Malton lease extensions?

Lease extensions in Malton can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

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 procuring Malton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Malton Lease Extension Example Cases:

Catherine, Malton, North Yorkshire,

After lengthy correspondence with the freeholder of her studio flat in Malton, Catherine commenced the lease extension process as the eighty year mark was swiftly approaching. The legal work completed in September 2014. The freeholder’s costs were restricted to under 700 GBP.

Malton case:

In 2011 we were phoned by Mr and Mrs. K Ramírez who, having took over the lease of a first floor flat in Malton in September 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Similar properties in Malton with 100 year plus lease were in the region of £270,000. The average ground rent payable was £55 invoiced yearly. The lease concluded on 12 April 2101. Taking into account 75 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Malton case:

Last Winter we were phoned by Mrs C Hernández , who took over the lease of a studio apartment in Malton in February 2008. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical flats in Malton with 100 year plus lease were valued about £168,800. The mid-range amount of ground rent was £60 billed yearly. The lease lapsed on 15 October 2081. Taking into account 55 years remaining we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including fees.