Why you should start your Motspur Park lease extension

Main reasons to start your Motspur Park lease extension today:

Increase your lease and increase your Motspur Park property value

Unfortunately that a Motspur Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Motspur Park property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If lease term falls under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Motspur Park will be able to extend under the legislation; however a lawyer should be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not finance a property on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Motspur Park property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Motspur Park?

The lawyers that we work with procure Motspur Park 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 conveyancer we work with provide it.

Motspur Park Lease Extension Example Cases:

Blake, Motspur Park, South West London,

Blake owned a high value apartment in Motspur Park on the market with a lease of a little over sixty years outstanding. Blake informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Motspur Park case:

In 2012 we were contacted by Mr and Mrs. C Richardson who, having took over the lease of a first floor flat in Motspur Park in February 2001. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparable properties in Motspur Park with 100 year plus lease were worth £216,000. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease ran out on 24 June 2084. Having 58 years left we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus legals.