Mablethorpe leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Mablethorpe residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Mablethorpe you must check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| TSB |
Lease extensions in Mablethorpe can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge dealing with Mablethorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas Gabriel, started to get close to the 80-year threshold with the lease on his basement apartment in Mablethorpe. Having bought his property 19 years ago, the lease term was of little bearing. Luckily, he became aware that he would soon be paying an inflated amount for Extending the lease. Gabriel arranged for a lease extension just under the wire in April. Gabriel and the landlord subsequently settled on a premium of £5,500 . If the lease had slid lower than eighty years, the amount would have become more exhorbitant by at least £900.
Last Summer we were contacted by Mr and Mrs. K Michel , who bought a one bedroom apartment in Mablethorpe in July 2005. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable flats in Mablethorpe with a long lease were worth £213,600. The average amount of ground rent was £60 billed quarterly. The lease expiry date was in 2083. Considering the 57 years left we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including expenses.
In 2009 we were contacted by Dr C Green who, having owned a purpose-built apartment in Mablethorpe in February 2006. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Mablethorpe with a long lease were in the region of £200,000. The average amount of ground rent was £50 collected per annum. The lease ended in 2104. Considering the 78 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.