Why you should commence your West Molesey lease extension

Main reasons to start your West Molesey lease extension today:

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

For those whose West Molesey flat is held on a long lease, our message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in West Molesey with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions will not issue a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that a number of flats in West Molesey were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in West Molesey?

The lawyers that we work with procure 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 conveyancing solicitor we work with provide it.

West Molesey Lease Extension Example Cases:

Freddie, West Molesey, Surrey

Last October Freddie, started to get near to the 80-year threshold with the lease on his ground floor flat in West Molesey. Having purchased his property two decades ago, the unexpired term was of minimal relevance. Luckily, it dawned on him that he needed to take action soon on Extending the lease. Freddie was able to extend his lease just under the wire in July. Freddie and the landlord subsequently settled on an amount of £5,500 . If he had missed the deadline, the premium would have become more exhorbitant by a minimum £1,050.

West Molesey case:

Ms A Pérez completed a ground floor flat in West Molesey in November 2010. The question was if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Identical properties in West Molesey with a long lease were valued around £280,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease finished in 2095. Considering the 70 years outstanding we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.