Stop! Your Lease Extension in Morden Could Be FREE

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Many leaseholders in Morden are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Morden has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Morden lease extension

Why you should commence your Morden lease extension today:

Increase your lease and increase your Morden property value

Morden residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not finance a property on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Morden were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Morden lease extensions?

The conveyancing solicitors that we work with undertake Morden 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 conveyancer we work with provide it.

Morden Lease Extension Example Cases:

Rebecca, Morden, South West London,

Following unsuccessful correspondence with the landlord of her ground floor apartment in Morden, Rebecca started the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The lease extension completed in November 2014. The freeholder’s charges were restricted to under 450 GBP.

Morden case:

Mrs M Bonnet acquired a garden apartment in Morden in April 2000. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical properties in Morden with a long lease were worth £206,200. The average amount of ground rent was £60 collected per annum. The lease finished on 14 August 2082. Considering the 56 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus legals.

Decision in Wandsworth

An example of a Lease Extension case for a Morden residence is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The unexpired lease term was 62.94 years.