Main reasons to commence 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

The only way is down when it comes to Motspur Park lease terms. Motspur Park leaseholds that have a remaining term shorter than 80 years will drop in value at a rapid rate, and the cost to extend your lease will rise.

Motspur Park property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent 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 many years ahead.

Lending institutions will not lend on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be inadequate security.

What makes us experts in Motspur Park lease extensions?

Retaining our service gives you increased control over the value of your Motspur Park leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers 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:

Harvey, Motspur Park, South West London,

Harvey owned a studio flat in Motspur Park on the market with a lease of a little over 72 years unexpired. Harvey on an informal basis approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Harvey to invoke his statutory right. Harvey obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Motspur Park case:

Last Winter we were contacted by Mr P Parker , who purchased a one bedroom flat in Motspur Park in October 2009. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Motspur Park with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease elapsed on 1 August 2080. Taking into account 54 years outstanding we calculated the premium to the landlord for the lease extension to be between £34,200 and £39,600 plus professional charges.