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Top reasons for Molesey lease extension

Why you should start your Molesey lease extension today:

Increase your lease and increase your Molesey property value

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

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Molesey with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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.

What makes us experts in Molesey lease extensions?

Irrespective of whether you are a tenant or a landlord in Molesey,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Molesey valuers.

Molesey Lease Extension Case Studies:

Isobel, Molesey, Surrey,

Subsequent to lengthy negotiations with the freeholder of her basement flat in Molesey, Isobel commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work was concluded in October 2010. The freeholder’s costs were restricted to slightly above 600 pounds.

Molesey case:

In 2011 we were phoned by Mr Reuben Garcia who, having purchased a garden apartment in Molesey in October 1999. The question was if we could estimate the premium could be for a ninety year lease extension. Similar residencies in Molesey with a long lease were in the region of £290,000. The mid-range ground rent payable was £45 billed monthly. The lease ran out on 26 March 2098. Given that there were 73 years left we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.

Decision in Kingston upon Thames

An example of a Lease Extension decision for a Molesey premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.