Why you should start your Molesey lease extension

Why you should commence your Molesey lease extension today:

Increase your lease and increase your Molesey property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Molesey. Inevitably, the term of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in Molesey have the right to extend the lease for an additional ninety years in accordance with legislation. Please give careful deliberation before putting off your Molesey lease extension. Holding off that expense now simply increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold premises in Molesey with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may decide not to lend with a short lease

What makes us experts in Molesey lease extensions?

Using our service gives you increased control over the value of your Molesey leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Molesey Lease Extension Example Cases:

Hunter, Molesey, Surrey

In 2014 Hunter, started to get near to the 80-year mark with the lease on his one bedroom flat in Molesey. Having purchased his flat two decades ago, the lease term was of little bearing. As luck would have it, he noticed he needed to take action soon on Extending the lease. Hunter extended the lease just in the nick of time last August. Hunter and the landlord eventually settled on an amount of £5,500 . If he had missed the deadline, the sum would have gone up by at least £1,025.

Molesey case:

In 2014 we were phoned by Mrs M André who, having purchased a purpose-built flat in Molesey in July 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar residencies in Molesey with a long lease were in the region of £275,000. The average amount of ground rent was £65 billed per annum. The lease expired on 2 May 2094. Taking into account 68 years outstanding we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.