Why you should start your Mortimer lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Mortimer lease terms. Mortimer flats that have a lease term lower than 80 years will reduce in value even faster, and the cost to extend your lease will increase.

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

Leasehold premises in Mortimer with more than 100 years unexpired on the lease are often 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 buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to loan monies on a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Mortimer if the remaining lease term is under the criteria set by the majority of lenders. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Mortimer?

Retaining our service will provide you enhanced control over the value of your Mortimer leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mortimer Lease Extension Example Cases:

Emma, Mortimer, Berkshire,

Trailing unsuccessful negotiations with the landlord of her studio apartment in Mortimer, Emma commenced the lease extension process just as the lease was nearing the crucial eighty-year deadline. The legal work was concluded in March 2015. The landlord’s costs were negotiated to approximately 500 pounds.

Mortimer case:

Last Winter we were approach by Mr and Mrs. N Jackson , who acquired a recently refurbished flat in Mortimer in November 1995. The question was if we could estimate the premium could be to prolong the lease by 90 years. Comparable homes in Mortimer with an extended lease were worth £300,000. The mid-range ground rent payable was £50 collected monthly. The lease end date was in 2102. Having 76 years unexpired we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.

Mortimer case:

Last year we were called by Mr Jake Stewart , who took over the lease of a ground floor flat in Mortimer in June 2006. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparable flats in Mortimer with 100 year plus lease were worth £252,800. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ended on 16 March 2091. Taking into account 65 years as a residual term we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of expenses.