Main reasons to start your Marford lease extension

Main reasons to commence your Marford lease extension today:

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

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

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not issue a mortgage on a short lease

Lenders are really clamping down as regards to homes in Marford with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the number of prospective buyers.

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

The conveyancers that we work with procure Marford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Marford Lease Extension Case Summaries:

Hunter, Marford, Wrexham,

Hunter owned a studio flat in Marford being sold with a lease of fraction over fifty eight years left. Hunter informally approached his landlord a well known local-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 £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Hunter to invoke his statutory right. Hunter obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Marford case:

Last Christmas we were e-mailed by Dr Kirsty Bertrand , who purchased a one bedroom apartment in Marford in August 2000. The question was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparable premises in Marford with a long lease were in the region of £183,600. The average amount of ground rent was £65 billed quarterly. The lease ended on 15 May 2083. Given that there were 57 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.

Marford case:

Mr and Mrs. F Martin acquired a newly refurbished flat in Marford in July 2008. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical properties in Marford with 100 year plus lease were valued around £245,000. The average ground rent payable was £50 invoiced quarterly. The lease lapsed in 2094. Having 68 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.