Marford leases on residential deteriorating in value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be payable. Flat owners in Marford will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Marford with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you better control over the value of your Marford leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted negotiations with the landlord of her first floor flat in Marford, Francesca commenced the lease extension process as the eighty year deadline was fast advancing. The transaction was finalised in November 2013. The landlord’s fees were negotiated to approximately 700 pounds.
Mr and Mrs. E Ali completed a first floor flat in Marford in May 1995. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Comparative residencies in Marford with a long lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced annually. The lease concluded on 3 April 2104. Given that there were 79 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.
Dr Bethan Phillips acquired a one bedroom flat in Marford in May 2012. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparable homes in Marford with 100 year plus lease were in the region of £193,400. The mid-range ground rent payable was £65 collected annually. The lease ended in 2084. Taking into account 59 years unexpired we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of fees.