Marylebone Lease Extension - Free Consultation

Before you progress with your lease extension in Marylebone
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.

Top reasons for Marylebone lease extension


Why you should start your Marylebone lease extension today:

Increase your lease and increase your Marylebone property value

Marylebone residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not loan monies on a short lease

Mortgage lenders are less likely to give a mortgage on a domestic property in Marylebone with a short lease. Many lenders simply refuse to lend on leases with less than 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
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
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 Marylebone lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Marylebone leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Marylebone Lease Extension Example Cases:

Harrison, Marylebone, London,

Harrison owned a 2 bedroom apartment in Marylebone being marketed with a lease of just over 59 years outstanding. Harrison informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Harrison to invoke his statutory right. Harrison procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Marylebone case:

Mrs M Walker moved into a basement flat in Marylebone in July 2006. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative properties in Marylebone with 100 year plus lease were worth £198,800. The average ground rent payable was £55 collected quarterly. The lease lapsed on 3 November 2080. Considering the 55 years left we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.

Decision in Westminster

An example of a Lease Extension matter before the tribunal for a Marylebone residence is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case affected 2 flats. The unexpired lease term was 24.02 years.