Why you should start your Motspur Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Motspur Park property value

With a residential leasehold premises in Motspur Park, you are actually buying a right to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater particularly when there are less than 80 years left. Residents in Motspur Park with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. Once a lease has less than eighty years remaining, under the current statute the landlord can calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.

Motspur Park property with a lease extension has roughly the same value as a freehold

Leasehold properties in Motspur Park with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be unacceptable security.

Why use us for your lease extension in Motspur Park?

Lease extensions in Motspur Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Motspur Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Motspur Park Lease Extension Example Cases:

Max, Motspur Park, South West London,

Max was the the leasehold owner of a conversion flat in Motspur Park on the market with a lease of a little over fifty eight years outstanding. Max on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Max to exercise his statutory right. Max procured expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Motspur Park case:

In 2012 we were contacted by Mr Jack Pérez who, having acquired a one bedroom apartment in Motspur Park in November 1999. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Motspur Park with a long lease were worth £235,600. The average ground rent payable was £60 invoiced annually. The lease came to a finish on 15 February 2088. Taking into account 62 years outstanding we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus fees.