Top reasons for Merton Park lease extension

Why you should start your Merton Park lease extension today:

Increase your lease and increase your Merton Park property value

Merton Park residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage with a short lease

Mortgage companies are really clamping down as regards to homes in Merton Park with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of prospective purchasers.

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

Lease extensions in Merton Park can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 in-depth market knowledge procuring Merton Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Merton Park Lease Extension Example Cases:

Reuben, Merton Park, South West London,

Reuben was the the leasehold proprietor of a studio apartment in Merton Park being sold with a lease of a few days over 61 years outstanding. Reuben on an informal basis contacted his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Merton Park case:

Last Summer we were phoned by Dr A Carter , who took over the lease of a studio flat in Merton Park in October 2008. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Merton Park with 100 year plus lease were valued around £233,200. The mid-range ground rent payable was £60 invoiced yearly. The lease concluded in 2087. Taking into account 61 years remaining we estimated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 not including costs.