Main reasons to commence your Motspur Park lease extension
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Main reasons to commence your Motspur Park lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/motspur-park">Motspur Park</a> leasehold property depreciates with the years remaining on the lease.
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<p> It’s a harsh certainty that a Motspur Park residential lease is a wasting asset. The lease value drops in proportion to its lease length. 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.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be due. The majority of flat owners in Motspur Park will be able to extend under the legislation; however a conveyancer should be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.
<h4>Motspur Park property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold residencies in Motspur Park with in excess of 100 years left 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it. <h4>Mortgage lenders will not lend on a short lease</h4> Lenders are really clamping down as regards to properties in Motspur Park with short leases. For example you may find that their lending criteria 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 remaining options would be to find a cash buyer, or try your luck at auction thus limiting your market.
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<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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Why use us for your lease extension in Motspur Park? </h4>
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Lease extensions in Motspur Park can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.
<p>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 in-depth market knowledge dealing with 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.
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Motspur Park Lease Extension Case Summaries:
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<h5> Leo, Motspur Park, South West London</h5>
<p> Two years ago Leo, started to get near to the 80-year mark with the lease on his first floor apartment in Motspur Park. In buying his flat two decades ago, the unexpired term was of little interest. Luckily, it dawned on him that he needed to take action soon on Extending the lease. Leo was able to extend his lease just under the wire in January. Leo and the landlord eventually agreed on a premium of £5,000 . If he had missed the deadline, the price would have become more costly by a minimum £925.
<h5>Motspur Park case:</h5>
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Last September we were e-mailed by Mr and Mrs. V Lefebvre , who
was assigned a lease of a one bedroom flat in Motspur Park in April 2006. The question was if we could estimate the price could be for a ninety year lease extension. Identical premises in Motspur Park with an extended lease were worth £275,000. The average amount of ground rent was £65 collected monthly. The lease ended on 28 January 2094. Having 68 years left we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.
<div> <h5>Decision in Sutton</h5>
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An example of a Lease Extension matter before the tribunal for a Motspur Park residence 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 unexpired residue of the current lease was 60.43 years.
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