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Top reasons for Motspur Park lease extension

Why you should start your Motspur Park lease extension today:

Increase your lease and increase your Motspur Park property value

Chances are that if you own a flat in Motspur Park you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Motspur Park with more than one hundred years left on the lease are often referred to as ‘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 purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that a number of flats in Motspur Park were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Motspur Park lease extensions?

Retaining our service gives you better control over the value of your Motspur Park leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Motspur Park Lease Extension Example Cases:

Charlotte, Motspur Park, South West London,

Following protracted discussions with the freeholder of her ground floor apartment in Motspur Park, Charlotte started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The transaction was finalised in April 2009. The landlord’s charges were negotiated to a tad over 500 GBP.

Motspur Park case:

In 2013 we were approached by Mrs Rhiannon Johnson who, having was assigned a lease of a purpose-built apartment in Motspur Park in February 2010. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Motspur Park with a long lease were in the region of £205,000. The average amount of ground rent was £50 billed monthly. The lease lapsed in 2104. Considering the 79 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £7,600 and £8,800 exclusive of expenses.

Decision in Sutton

An example of a Lease Extension matter before the tribunal for a Motspur Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The number of years remaining on the existing lease(s) was 60.43 years.