Why you should start your West Malling lease extension

Why you should start your West Malling lease extension today:

Increase your lease and increase your West Malling property value

When it comes to long leasehold premises in West Malling, you are actually buying a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than 80 years left. Anyone in West Malling with a lease nearing 81 years unexpired should seriously consider extending it as soon as possible. Once a lease has below 80 years left, under the relevant legislation the freeholder is entitled to calculate and charge a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

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

Nearly all mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our West Malling lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your West Malling leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

West Malling Lease Extension Case Studies:

Millie, West Malling, Kent,

Trailing protracted discussions with the landlord of her two bedroom apartment in West Malling, Millie started the lease extension process just as her lease was nearing the critical 80-year mark. The transaction was concluded in March 2008. The freeholder’s fees were kept to an absolute minimum.

West Malling case:

Mr and Mrs. C Garcia was assigned a lease of a one bedroom apartment in West Malling in October 1996. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical flats in West Malling with 100 year plus lease were valued about £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease lapsed in 2093. Having 67 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of legals.

West Malling case:

In 2014 we were contacted by Dr O Rogers who, having completed a studio apartment in West Malling in August 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative residencies in West Malling with an extended lease were worth £206,200. The mid-range amount of ground rent was £60 collected per annum. The lease expiry date was in 2082. Having 56 years remaining we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.