Main reasons to commence your Morden lease extension

Why you should commence your Morden lease extension today:

A Morden leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Morden lease terms. Morden leaseholds that have a remaining term lower than 80 years will drop in value at a rapid rate, and the cost of extending your lease will increase.

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

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent 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.

Banks and Building Societies may not issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so where they are unable to obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Morden?

Regardless of whether you are a tenant or a freeholder in Morden,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Morden valuers.

Morden Lease Extension Example Cases:

Amber, Morden, South West London,

Subsequent to unsuccessful correspondence with the landlord of her leasehold flat in Morden, Amber started the lease extension process as the 80 year threshold was quickly nearing. The legal work was concluded in November 2006. The landlord’s costs were negotiated to below five hundred pounds.

Morden case:

In 2014 we were phoned by Mrs Ashleigh Hernández who, having acquired a garden flat in Morden in November 2010. The dilemma was if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable homes in Morden with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced annually. The lease concluded on 9 September 2102. Given that there were 76 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.