Main reasons to start your Merton Park lease extension

Main reasons to start your Merton Park lease extension today:

Increase your lease and increase your Merton Park property value

Chances are that if you own a flat in Merton Park you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Merton Park with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property with a short lease

The trend since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. Historically lenders would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved 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 Merton Park?

Lease extensions in Merton Park can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 Merton Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Merton Park Lease Extension Case Summaries:

Ellie, Merton Park, South West London,

Trailing protracted discussions with the freeholder of her garden flat in Merton Park, Ellie commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The legal work completed in April 2009. The freeholder’s costs were restricted to below 450 GBP.

Merton Park case:

Last month we were approach by Mr D Wood , who owned a one bedroom flat in Merton Park in October 2004. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Comparative homes in Merton Park with 100 year plus lease were valued around £280,000. The average amount of ground rent was £45 collected quarterly. The lease lapsed on 28 October 2095. Given that there were 69 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.