Why you should commence your New Malden lease extension

Main reasons to start your New Malden lease extension today:

Increase your lease and increase your New Malden property value

As the the remaining lease term of a New Malden residential lease decreases so does its value and therefore the value of your property. If the residual term has, in excess of 99 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. Most flat owners in New Malden will meet the qualifying criteria; that being said a lawyer will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

New Malden property with a lease extension has roughly the same value as a freehold

Leasehold premises in New Malden with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not lend with a short lease

Banks and building societies are really clamping down as regards to homes in New Malden with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential purchasers.

What makes us experts in New Malden lease extensions?

Irrespective of whether you are a tenant or a landlord in New Malden,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with New Malden valuers.

New Malden Lease Extension Example Cases:

Natasha, New Malden, South West London,

In the wake of eight months of protracted correspondence with the landlord of her ground floor apartment in New Malden, Natasha initiated the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension was finalised in August 2011. The landlord’s fees were kept to an absolute minimum.

New Malden case:

In 2009 we were e-mailed by Mr and Mrs. K Baker who, having moved into a one bedroom flat in New Malden in May 2000. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparative properties in New Malden with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 collected per annum. The lease came to a finish on 4 March 2102. Given that there were 76 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.