Main reasons to start your Morden lease extension

Why you should start your Morden lease extension today:

A Morden lease 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 lease term lower than eighty years will drop in market price even faster, and the cost of extending your lease will rise.

Morden property with a lease extension is almost the same value as a freehold

Leasehold properties in Morden with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders will not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Morden with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the amount of potential purchasers.

Why use us for your lease extension in Morden?

Engaging our service gives you enhanced control over the value of your Morden 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Morden Lease Extension Example Cases:

Alex, Morden, South West London

Half a year ago Alex, started to get near to the 80-year threshold with the lease on his one bedroom apartment in Morden. Having bought his property twenty years previously, the length of the lease was of minimal interest. Thankfully, he noticed he needed to take action soon on Extending the lease. Alex arranged for a lease extension just under the wire last May. Alex and the freeholder via the management company ultimately settled on the final figure of £6,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £975.

Morden case:

In 2010 we were approached by Mr and Mrs. B Kelly who, having completed a one bedroom apartment in Morden in November 2007. The question was if we could approximate the premium could be to prolong the lease by an additional years. Comparative homes in Morden with an extended lease were valued about £208,600. The average amount of ground rent was £60 collected per annum. The lease concluded in 2083. Having 57 years as a residual term we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including fees.