Main reasons to start your West Molesey lease extension

Main reasons to commence your West Molesey lease extension today:

Increase your lease and increase your West Molesey property value

When it comes to residential leasehold property in West Molesey, you are actually purchasing a right to reside in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Residents in West Molesey with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. Once the lease term has fewer than eighty years outstanding, under the current statute the freeholder can calculate and levy a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold properties in West Molesey with over one hundred years outstanding 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not lend with a short lease

Many mortgage lenders require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to get a mortgage, then the market price of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in West Molesey?

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

West Molesey Lease Extension Case Studies:

Aarav, West Molesey, Surrey,

Aarav owned a conversion apartment in West Molesey on the market with a lease of a few days over 59 years outstanding. Aarav on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.

West Molesey case:

In 2010 we were phoned by Mr and Mrs. N Simon who, having completed a garden flat in West Molesey in April 1997. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable properties in West Molesey with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 billed yearly. The lease lapsed in 2091. Given that there were 65 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including fees.