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

Motspur Park leases on residential deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Motspur Park will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not be entitled. There are prescribed timetables and formalities to comply with once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Motspur Park with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties as and when you come to sell or refinance your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your buyer must wait two years before being able to exercise the right to a an extension to the lease.

What makes us experts in Motspur Park lease extensions?

Regardless of whether you are a tenant or a landlord in Motspur Park,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Motspur Park valuers.

Motspur Park Lease Extension Example Cases:

Isobel, Motspur Park, South West London,

Off the back of protracted negotiations with the freeholder of her purpose-built apartment in Motspur Park, Isobel started the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction completed in April 2013. The freeholder’s fees were negotiated to about 500 pounds.

Motspur Park case:

Last Spring we were e-mailed by Mrs M Murphy , who was assigned a lease of a ground floor apartment in Motspur Park in November 2000. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparable properties in Motspur Park with 100 year plus lease were in the region of £260,200. The average ground rent payable was £65 billed quarterly. The lease ended in 2092. Taking into account 66 years remaining we estimated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 exclusive of fees.