March Lease Extension - Free Consultation

Before you progress with your lease extension in March
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.

Why you should start your March lease extension

Top reasons for lease extension now:

Increase your lease and increase your March property value

March residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold premises in March with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

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

Nearly all mortgage lenders require a lengthy amount of time remaining on any leasehold residence before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone intending to acquire your property in the future might well do, so if they can't secure a mortgage, then the financial worth of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

Why use us for your lease extension in March?

Engaging our service will provide you enhanced control over the value of your March leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

March Lease Extension Case Studies:

Noah, March, Cambridgeshire,

Noah owned a 2 bedroom flat in March being marketed with a lease of a little over 72 years remaining. Noah informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Noah to exercise his statutory right. Noah procured expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

March case:

Mrs K Hernández took over the lease of a ground floor flat in March in September 2000. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparable residencies in March with 100 year plus lease were worth £208,600. The average amount of ground rent was £60 invoiced monthly. The lease came to a finish in 2079. Taking into account 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 plus fees.

March case:

Mr Tyler Bennett moved into a basement flat in March in November 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in March with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 invoiced yearly. The lease ran out on 1 November 2099. Having 77 years outstanding we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.