Main reasons to commence your Moor Park lease extension

Main reasons to commence your Moor Park lease extension today:

A Moor Park lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Moor Park. Inevitably, the period of lease left shortens over time. This is often ignored and only becomes a problem when the flat or house needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Moor Park have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Do give careful consideration before putting off your Moor Park lease extension. Holding off the cost now only increases the price you will ultimately incur for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

Mortgage companies will not lend on short residential leases. You are likely to encounter problems if you wish to sell your flat in Moor Park if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have varying criteria but generally theyrequire a minimum remaining lease term of seventy years.

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 marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Moor Park Lease Extension Example Cases:

Paige, Moor Park, West London,

Off the back of protracted discussions with the freeholder of her first floor apartment in Moor Park, Paige commenced the lease extension process as the 80 year mark was fast nearing. The transaction completed in November 2011. The freeholder’s costs were negotiated to about 550 GBP.

Moor Park case:

In 2009 we were called by Mr and Mrs. T Simon who, having acquired a first floor flat in Moor Park in January 2008. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Similar properties in Moor Park with 100 year plus lease were worth £191,000. The mid-range ground rent payable was £65 billed quarterly. The lease ran out on 18 September 2084. Given that there were 58 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 not including costs.