Top reasons for Mortlake lease extension

Top reasons for lease extension now:

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

Mortlake leases on residential deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Flat owners in Mortlake will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and formalities to follow once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Mortlake with more than one hundred years unexpired on the lease are often 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 buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to properties in Mortlake with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of prospective purchasers.

What makes us experts in Mortlake lease extensions?

The conveyancing solicitors that we work with procure Mortlake 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 lawyer we work with provide it.

Mortlake Lease Extension Example Cases:

Victoria, Mortlake, South West London,

In the wake of 9 months of protracted discussions with the freeholder of her ground floor flat in Mortlake, Victoria initiated the lease extension process as the eighty year deadline was swiftly approaching. The transaction was finalised in November 2008. The landlord’s charges were kept to an absolute minimum.

Mortlake case:

Last Winter we were e-mailed by Mr and Mrs. J Sharif , who bought a ground floor flat in Mortlake in April 2005. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative properties in Mortlake with a long lease were in the region of £250,400. The mid-range amount of ground rent was £65 billed monthly. The lease finished on 16 June 2090. Considering the 64 years remaining we estimated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.