Top reasons for Morden lease extension

Top reasons for lease extension now:

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

Chances are that where you own a flat in Morden you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Morden with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not lend with a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Morden if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have varying criteria but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Morden lease extensions?

Irrespective of whether you are a tenant or a freeholder in Morden,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Morden valuers.

Morden Lease Extension Example Cases:

Kate, Morden, South West London,

Subsequent to lengthy negotiations with the landlord of her studio flat in Morden, Kate started the lease extension process as the 80 year mark was swiftly approaching. The transaction completed in August 2010. The landlord’s charges were kept to an absolute minimum.

Morden case:

In 2014 we were approached by Mr and Mrs. E Jones who, having moved into a one bedroom flat in Morden in November 1998. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparable flats in Morden with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 collected every twelve months. The lease came to a finish in 2090. Given that there were 64 years left we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 plus fees.