Stop! Your Lease Extension in Merton Park Could Be FREE

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Many leaseholders in Merton Park are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Merton Park has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Merton Park lease extension

Main reasons to commence your Merton Park lease extension today:

A Merton Park lease depreciates with the years remaining on the lease.

The value of Merton Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be inadequate security.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Merton Park?

The lawyers that we work with procure Merton Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Merton Park Lease Extension Example Cases:

Gabriel, Merton Park, South West London

Last year Gabriel, started to get near to the eighty-year mark with the lease on his ground floor flat in Merton Park. Having purchased his property 18 years ago, the unexpired term was of minimal concern. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Gabriel extended the lease just in the nick of time in September. Gabriel and the landlord who owned the flat above in the end settled on sum of £6,000 . If he had missed the deadline, the premium would have gone up by a minimum £1,050.

Merton Park case:

Dr R Moore moved into a one bedroom flat in Merton Park in October 1998. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable flats in Merton Park with 100 year plus lease were in the region of £206,200. The average ground rent payable was £60 billed every twelve months. The lease ended on 1 October 2082. Considering the 56 years left we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of fees.

Decision in Wandsworth

An example of a Lease Extension matter before the tribunal for a Merton Park flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired residue of the current lease was 62.94 years.