Why you should commence your Moor Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Moor Park property value

With a domestic leasehold premises in Moor Park, you are actually purchasing a right to live in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years remaining. Anyone in Moor Park with a lease drawing near to 81 years remaining should seriously think of extending it as soon as possible. When a lease has under 80 years outstanding, under the relevant Act the freeholder is entitled to calculate and demand a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.

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

Leasehold properties in Moor Park with in excess of one hundred years outstanding on the lease are often 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be deficient for lending purposes.

Why use us for your lease extension in Moor Park?

Engaging our service will provide you enhanced control over the value of your Moor Park leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Moor Park Lease Extension Case Studies:

William, Moor Park, West London

During the course of the last few months William, started to get near to the 80-year threshold with the lease on his two bedroom flat in Moor Park. Having purchased his flat two decades ago, the length of the lease was of no importance. by good luck, he noticed he needed to take steps soon on Extending the lease. William arranged for a lease extension at the eleventh hour last May. William and the freeholder via the management company ultimately agreed on sum of £5,500 . If he had missed the deadline, the figure would have escalated by at least £1,000.

Moor Park case:

Last Christmas we were approach by Mrs Alisha Davis , who purchased a one bedroom apartment in Moor Park in September 1998. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Moor Park with an extended lease were in the region of £280,000. The average amount of ground rent was £55 billed per annum. The lease expired in 2103. Considering the 77 years unexpired we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus professional charges.