Why you should commence your Marshalls Park lease extension

Main reasons to start your Marshalls Park lease extension today:

Increase your lease and increase your Marshalls Park property value

The value of Marshalls Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Marshalls Park with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders will not loan monies with a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems where you need to sell your flat in Marshalls Park if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

What makes us experts in Marshalls Park lease extensions?

Regardless of whether you are a tenant or a freeholder in Marshalls Park,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Marshalls Park valuers.

Marshalls Park Lease Extension Example Cases:

Archie, Marshalls Park, London

During the course of the last few months Archie, started to get close to the eighty-year mark with the lease on his leasehold flat in Marshalls Park. In buying his flat two decades ago, the length of the lease was of no interest. Thankfully, he recognised he needed to take steps soon on a lease extension. Archie was able to extend his lease just under the wire in May. Archie and the landlord ultimately settled on sum of £5,000 . If the lease had descended lower than eighty years, the sum would have become more exhorbitant by at least £1,150.

Marshalls Park case:

Dr Nathaniel Nguyen bought a one bedroom apartment in Marshalls Park in October 2004. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar flats in Marshalls Park with 100 year plus lease were in the region of £250,400. The mid-range ground rent payable was £65 billed yearly. The lease termination date was in 2090. Taking into account 64 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including expenses.

Marshalls Park case:

In 2014 we were called by Mr and Mrs. D Wood who, having took over the lease of a first floor flat in Marshalls Park in July 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Comparable flats in Marshalls Park with an extended lease were worth £184,000. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out in 2079. Taking into account 53 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.