The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Marple can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Marple lease extension. Putting off that expense today simply increases the price you will eventually be required to pay to extend the lease.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| 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. |
Regardless of whether you are a tenant or a landlord 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.
After unsuccessful discussions with the freeholder of her first floor flat in Marple, Sophie started the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was concluded in November 2014. The landlord’s costs were negotiated to under 500 GBP.
Mr and Mrs. N Campbell took over the lease of a one bedroom flat in Marple in April 2012. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Marple with an extended lease were valued about £261,600. The average ground rent payable was £60 billed quarterly. The lease elapsed on 7 March 2078. Considering the 52 years remaining we estimated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 not including fees.
Mrs O Walker was assigned a lease of a one bedroom apartment in Marple in June 2008. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Marple with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 billed yearly. The lease concluded on 20 August 2089. Taking into account 63 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of fees.