Top reasons for Marazion lease extension

Main reasons to start your Marazion lease extension today:

Increase your lease and increase your Marazion property value

The market value of Marazion leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than 80 years

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems if you want to sell your flat in Marazion if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Marazion lease extensions?

Lease extensions in Marazion can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 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.

Marazion Lease Extension Example Cases:

Felix, Marazion, Cornwall,

Felix was the the leasehold owner of a high value flat in Marazion on the market with a lease of just over fifty eight years left. Felix on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Marazion case:

Last Christmas we were called by Mr and Mrs. D Wilson , who took over the lease of a purpose-built apartment in Marazion in March 2000. We are asked if we could estimate the price would be for a ninety year lease extension. Similar residencies in Marazion with 100 year plus lease were in the region of £225,400. The average amount of ground rent was £45 billed annually. The lease lapsed on 10 March 2090. Considering the 64 years remaining we calculated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of professional charges.

Marazion case:

Last Winter we were e-mailed by Mr Sebastian Ali , who moved into a first floor apartment in Marazion in July 2011. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparable homes in Marazion with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ended in 2101. Having 75 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.