Why you should start your Moor Park lease extension

Main reasons to commence your Moor Park lease extension today:

Increase your lease and increase your Moor Park property value

Unfortunately that a Moor Park 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 loss of value being disguised by increases in the Moor Park property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. If the number of years remaining slips under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Moor Park will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at 75 years remaining on the lease; others may be happy with anything over 70 years. With less than 60 years, it may be impossible to obtain a mortgage in the first place.

What makes us experts in Moor Park lease extensions?

The lawyers that we work with handle Moor 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.

Moor Park Lease Extension Example Cases:

John, Moor Park, West London,

John owned a conversion apartment in Moor Park being sold with a lease of fraction over 59 years remaining. John on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were John to exercise his statutory right. John procured expert advice and secured an acceptable resolution informally and sell the property.

Moor Park case:

In 2009 we were phoned by Mrs K Torres who, having acquired a studio flat in Moor Park in July 1996. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical residencies in Moor Park with an extended lease were in the region of £200,800. The mid-range ground rent payable was £65 collected per annum. The lease elapsed in 2085. Given that there were 60 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus costs.