Main reasons to start your Molesey lease extension

Main reasons to start your Molesey lease extension today:

Increase your lease and increase your Molesey property value

It’s a harsh certainty that a Molesey residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Molesey property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term dips below 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Molesey will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer throughout the formalities.

An extended lease is almost the same value as a freehold

Leasehold residencies in Molesey with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Some will simply refuse lend at all once the remaining lease term falls below a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are seeking to remortgage your Molesey property.

What makes us experts in Molesey lease extensions?

Engaging our service will provide you enhanced control over the value of your Molesey leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Molesey Lease Extension Case Summaries:

Stanley, Molesey, Surrey,

Stanley was the the leasehold proprietor of a high value flat in Molesey being marketed with a lease of fraction over fifty eight years unexpired. Stanley informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Stanley to exercise his statutory right. Stanley obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Molesey case:

Last September we were phoned by Mrs Freya Hill , who took over the lease of a studio flat in Molesey in October 2010. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Comparable premises in Molesey with an extended lease were worth £210,000. The average amount of ground rent was £50 invoiced per annum. The lease came to a finish in 2106. Considering the 80 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.