Top reasons for Motspur Park lease extension

Top reasons for lease extension now:

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

For those whose Motspur Park flat is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Motspur Park with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to issue a mortgage with a short lease

Why use us for your lease extension in Motspur Park?

The conveyancing solicitors that we work with handle 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 lawyer we work with provide it.

Motspur Park Lease Extension Example Cases:

Jackson, Motspur Park, South West London,

Jackson owned a studio flat in Motspur Park on the market with a lease of fraction over 61 years outstanding. Jackson on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jackson to invoke his statutory right. Jackson obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Motspur Park case:

In 2009 we were called by Dr W Baker who, having completed a purpose-built apartment in Motspur Park in April 2008. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Identical residencies in Motspur Park with an extended lease were valued about £200,000. The mid-range ground rent payable was £50 collected annually. The lease ran out on 26 September 2103. Given that there were 77 years remaining we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.