Main reasons to commence your Marylebone lease extension

Why you should start your Marylebone lease extension today:

A Marylebone leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Marylebone you actually own a long leasehold interest over your property

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

Leasehold residencies in Marylebone with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not finance a property with a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties where you want to sell your flat in Marylebone if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of 65 years.

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

The lawyers that we work with handle Marylebone lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Marylebone Lease Extension Case Summaries:

Stephanie, Marylebone, London,

In the wake of eight months of lengthy negotiations with the freeholder of her leasehold apartment in Marylebone, Stephanie commenced the lease extension process as the 80 year threshold was fast advancing. The transaction was finalised in February 2009. The freeholder’s charges were restricted to approximately 650 pounds.

Marylebone case:

Last Spring we were contacted by Dr Toby James , who was assigned a lease of a purpose-built flat in Marylebone in November 2011. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar residencies in Marylebone with 100 year plus lease were valued about £191,400. The mid-range amount of ground rent was £55 invoiced yearly. The lease finished in 2080. Considering the 54 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of legals.