Main reasons to commence your Malpas lease extension

Top reasons for lease extension now:

Increase your lease and increase your Malpas property value

On the balance of probabilities where you own a flat in Malpas you actually own a long leasehold interest over your property

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

Leasehold properties in Malpas with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to finance a property with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be insufficient for lending purposes.

What makes us experts in Malpas lease extensions?

Lease extensions in Malpas can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Malpas lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Malpas Lease Extension Example Cases:

Jayden, Malpas, Cheshire,

Jayden owned a 2 bedroom flat in Malpas on the market with a lease of just over sixty years unexpired. Jayden on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Jayden to invoke his statutory right. Jayden procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Malpas case:

In 2013 we were approached by Mr Connor Nelson who, having completed a first floor apartment in Malpas in June 1997. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Malpas with an extended lease were valued about £225,400. The average amount of ground rent was £45 collected every twelve months. The lease terminated in 2090. Given that there were 64 years remaining we calculated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 not including legals.

Malpas case:

Last Summer we were called by Dr Elizabeth Moore , who bought a first floor flat in Malpas in November 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Identical properties in Malpas with 100 year plus lease were worth £270,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed in 2101. Having 75 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.