Marple Lease Extension - Free Consultation

Before you progress with your lease extension in Marple
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Marple lease extension


Why you should start your Marple lease extension today:

Increase your lease and increase your Marple property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Marple. Inevitably, the term of lease left shortens over time. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Marple have the right to extend the lease for a further 90 years under legislation. You should give due consideration before delaying your Marple lease extension. Holding off the cost now only increases the price you will eventually have to pay to extend your lease

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

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to properties in Marple with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the number of prospective purchasers.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Why use us for your lease extension in Marple?

Lease extensions in Marple can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in this area.

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 a wealth of experience dealing with Marple lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Marple Lease Extension Case Summaries:

Lydia, Marple, Greater Manchester,

After protracted discussions with the freeholder of her purpose-built flat in Marple, Lydia initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The lease extension was concluded in February 2012. The landlord’s costs were restricted to less than six hundred GBP.

Marple case:

In 2010 we were approached by Mr and Mrs. L Leroy who, having took over the lease of a first floor apartment in Marple in May 2002. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical homes in Marple with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 invoiced every twelve months. The lease ended on 3 August 2102. Given that there were 78 years outstanding we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.

Marple case:

Last year we were e-mailed by Dr O Davis , who completed a purpose-built flat in Marple in September 2002. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar properties in Marple with a long lease were in the region of £191,000. The average ground rent payable was £65 invoiced every twelve months. The lease elapsed in 2082. Given that there were 58 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 plus costs.