Why you should commence your Marchington lease extension

Main reasons to start your Marchington lease extension today:

A Marchington leasehold property depreciates with the years remaining on the lease.

The value of Marchington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

Marchington property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to issue a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Marchington if the remaining term of your lease is below the criteria set by most mortgage companies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Get in touch with one of our Marchington lease extension solicitors or enfranchisement solicitors

Using our service gives you enhanced control over the value of your Marchington leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Marchington Lease Extension Case Summaries:

Leo, Marchington, Staffordshire,

Leo owned a studio flat in Marchington on the market with a lease of a little over 61 years left. Leo on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Leo to invoke his statutory right. Leo procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

Marchington case:

In 2010 we were approached by Mr and Mrs. S Clark who, having moved into a first floor apartment in Marchington in April 1995. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable residencies in Marchington with a long lease were valued around £295,000. The average amount of ground rent was £45 invoiced per annum. The lease elapsed on 26 April 2100. Given that there were 74 years left we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.

Marchington case:

Last Christmas we were phoned by Mr and Mrs. D Moreau , who acquired a first floor apartment in Marchington in August 1997. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical homes in Marchington with 100 year plus lease were in the region of £248,000. The mid-range ground rent payable was £65 billed monthly. The lease terminated on 1 May 2089. Having 63 years remaining we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 plus legals.