Top reasons for West Molesey lease extension

Why you should commence your West Molesey lease extension today:

A West Molesey lease depreciates with the years remaining on the lease.

West Molesey residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

West Molesey property with a lease extension has roughly the same value as a freehold

Leasehold premises in West Molesey with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may not loan monies on a short lease

Mortgage companies are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As many flats in West Molesey were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in West Molesey?

The conveyancing solicitors that we work with handle West Molesey 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 conveyancer we work with provide it.

West Molesey Lease Extension Case Summaries:

Benjamin, West Molesey, Surrey,

Benjamin was the the leasehold owner of a 2 bedroom flat in West Molesey being marketed with a lease of fraction over 61 years left. Benjamin informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert advice and was able to make an informed decision and handle with the matter and sell the property.

West Molesey case:

Dr Georgina Scott was assigned a lease of a one bedroom apartment in West Molesey in September 2008. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Identical homes in West Molesey with a long lease were in the region of £285,000. The average ground rent payable was £45 invoiced quarterly. The lease ran out in 2098. Considering the 72 years outstanding we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus fees.