Stop! Your Lease Extension in Marple Could Be FREE

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Many leaseholders in Marple are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Marple has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Marple lease extension

Why you should commence your Marple lease extension today:

Increase your lease and increase your Marple property value

The value of Marple leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Marple with in excess of one hundred years unexpired 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will cause difficulties when you need to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will have to hold off for 2 years before being able to exercise the right to a a lease extension.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Marple lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Marple,the lease extension experts that we work with will always be willing 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:

Alisha, Marple, Greater Manchester,

After protracted negotiations with the landlord of her ground floor flat in Marple, Alisha started the lease extension process just as the lease was nearing the all-important 80-year deadline. The legal work was concluded in September 2007. The freeholder’s charges were kept to an absolute minimum.

Marple case:

Mr and Mrs. P Thomas took over the lease of a one bedroom apartment in Marple in July 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Marple with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 invoiced monthly. The lease ended on 24 October 2096. Considering the 70 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of professional charges.

Marple case:

Last Autumn we were phoned by Dr C Fournier , who acquired a purpose-built apartment in Marple in June 2004. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar flats in Marple with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 collected yearly. The lease lapsed in 2076. Considering the 50 years outstanding we approximated the premium to the landlord for the lease extension to be between £44,700 and £51,600 not including fees.