Top reasons for Mortlake lease extension

Main reasons to start your Mortlake lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Mortlake. Clearly, the period of lease left reduces over time. This may slip by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Mortlake have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give careful attention before putting off your Mortlake lease extension. Putting off that expense now simply increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold properties in Mortlake with in excess of one hundred years left 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 property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not finance a property with a short lease

Mortgage companies are really clamping down as regards to homes in Mortlake with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

What makes us experts in Mortlake lease extensions?

Irrespective of whether you are a tenant or a freeholder in Mortlake,the lease extension lawyers 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 Mortlake valuers.

Mortlake Lease Extension Example Cases:

Mia, Mortlake, South West London,

Off the back of unsuccessful discussions with the landlord of her leasehold apartment in Mortlake, Mia initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was concluded in October 2011. The landlord’s fees were kept to an absolute minimum.

Mortlake case:

In 2012 we were approached by Dr Isabelle Baker who, having moved into a ground floor flat in Mortlake in September 1997. The question was if we could approximate the premium could be to prolong the lease by an additional years. Similar residencies in Mortlake with an extended lease were valued about £181,600. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish in 2078. Taking into account 52 years as a residual term we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of expenses.