Why you should commence your Motspur Park lease extension

Main reasons to commence your Motspur Park lease extension today:

A Motspur Park leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Motspur Park domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond 100 years to run then this decrease may be negligible that being said there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Motspur Park will qualify for this right; that being said a conveyancer should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not loan monies on a short lease

Mortgage companies are really clamping down as regards to properties in Motspur Park with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

What makes us experts in Motspur Park lease extensions?

The lawyers that we work with undertake 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 Case Summaries:

Jasmine, Motspur Park, South West London,

Trailing unsuccessful correspondence with the landlord of her purpose-built apartment in Motspur Park, Jasmine initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The transaction was concluded in May 2006. The landlord’s fees were kept to an absolute minimum.

Motspur Park case:

In 2011 we were called by Mrs Bethan Kelly who, having took over the lease of a one bedroom flat in Motspur Park in September 1995. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Motspur Park with an extended lease were valued about £280,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease elapsed on 17 May 2096. Given that there were 70 years unexpired we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.