Why you should commence your Marple lease extension

Top reasons for lease extension now:

Increase your lease and increase your Marple property value

Marple leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Marple residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Marple you would be well advised to investigate if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

Marple property with a lease extension is almost the same value as a freehold

Leasehold properties in Marple with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Marple lease extensions?

Irrespective of whether you are a tenant or a landlord in Marple,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Marple valuers.

Marple Lease Extension Example Cases:

Eli, Marple, Greater Manchester

During the course of the last few months Eli, started to get close to the eighty-year threshold with the lease on his garden apartment in Marple. Having purchased his home 18 years ago, the unexpired term was of minimal significance. Luckily, he became aware that he would soon be paying an inflated amount for Extending the lease. Eli was able to extend his lease just under the wire in August. Eli and the landlord subsequently settled on the final figure of £6,000 . If the lease had slid below eighty years, the sum would have become more exhorbitant by a minimum £875.

Marple case:

Dr Luke Phillips acquired a purpose-built flat in Marple in March 2011. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative homes in Marple with 100 year plus lease were valued around £193,400. The mid-range amount of ground rent was £65 invoiced monthly. The lease lapsed on 6 November 2085. Taking into account 59 years remaining we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of expenses.

Marple case:

Mr and Mrs. S Patel owned a first floor flat in Marple in June 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable flats in Marple with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2096. Taking into account 70 years remaining we approximated the compensation to the freeholder to extend the lease to be between £10,500 and £12,000 not including fees.