Why you should commence your Malpas lease extension

Why you should start your Malpas lease extension today:

Increase your lease and increase your Malpas property value

There is no doubt about it a leasehold flat or house in Malpas is a wasting asset as a result of the diminishing lease term. If the lease has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending without delay. Most flat owners in Malpas will qualify for this right; nevertheless a conveyancing solicitor can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Malpas with over 100 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

The trend since 2008 has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past banks were content with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Malpas?

The lawyers that we work with handle Malpas 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.

Malpas Lease Extension Case Summaries:

Lily, Malpas, Cheshire,

In the wake of 6 months of lengthy negotiations with the landlord of her leasehold apartment in Malpas, Lily started the lease extension process as the 80 year mark was rapidly advancing. The lease extension was finalised in February 2013. The freeholder’s fees were kept to an absolute minimum.

Malpas case:

In 2012 we were approached by Mr and Mrs. S François who, having completed a basement apartment in Malpas in October 1996. The question was if we could estimate the price could be for a ninety year lease extension. Comparative properties in Malpas with an extended lease were valued about £260,000. The mid-range ground rent payable was £50 collected per annum. The lease finished in 2098. Considering the 72 years outstanding we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.

Malpas case:

Last September we were called by Mr and Mrs. D Girard , who owned a studio apartment in Malpas in November 2007. We are asked if we could approximate the price could be to extend the lease by ninety years. Similar flats in Malpas with 100 year plus lease were worth £256,600. The average amount of ground rent was £60 invoiced monthly. The lease terminated on 27 August 2078. Having 52 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £39,000 and £45,000 plus fees.