Marazion leases on residential deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Marazion will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Santander | |
| Skipton Building Society | |
| The Mortgage Works |
Lease extensions in Marazion can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.
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 a wealth of experience procuring Marazion lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Liam was the the leasehold owner of a studio flat in Marazion on the market with a lease of just over sixty years unexpired. Liam on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Liam to exercise his statutory right. Liam obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.
In 2012 we were called by Dr A Allen who, having owned a first floor apartment in Marazion in January 2003. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Similar properties in Marazion with a long lease were valued around £275,000. The mid-range ground rent payable was £55 collected yearly. The lease expired in 2103. Taking into account 77 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.
Last Summer we were called by Ms Louise Anderson , who moved into a purpose-built apartment in Marazion in April 2009. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Marazion with a long lease were in the region of £181,200. The mid-range amount of ground rent was £65 collected quarterly. The lease concluded on 26 February 2082. Considering the 56 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of fees.