Main reasons to commence your Markfield lease extension

Top reasons for lease extension now:

A Markfield lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Markfield have the legal entitlement to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Markfield lease extension. Postponing that expense today simply escalates the premium you will eventually be required to pay to extend the lease.

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

Leasehold premises in Markfield with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This may cause difficulties once you need to dispose of or remortgage your property as it will be effectively unmortgageable. You might have no imminent desire to sell but when you do your purchaser will need to hold off for a couple of years before being able to initiate the legal procedures for an extension to the lease.

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

Lease extensions in Markfield can be a difficult process. We recommend you obtain guidance 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 a wealth of experience procuring Markfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Markfield Lease Extension Case Summaries:

Rhiannon, Markfield, Leicestershire,

Trailing unsuccessful correspondence with the landlord of her leasehold flat in Markfield, Rhiannon initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The transaction was finalised in March 2014. The landlord’s charges were kept to an absolute minimum.

Markfield case:

Last Winter we were called by Ms Olivia Turner , who bought a basement flat in Markfield in October 1999. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative properties in Markfield with 100 year plus lease were valued around £255,000. The mid-range ground rent payable was £50 billed per annum. The lease end date was in 2097. Considering the 71 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.

Markfield case:

Dr Y Young acquired a first floor apartment in Markfield in August 1996. The question was if we could approximate the premium would likely be to extend the lease by a further 90 years. Comparable homes in Markfield with a long lease were worth £254,200. The mid-range ground rent payable was £60 billed quarterly. The lease ended on 14 April 2077. Considering the 51 years unexpired we estimated the premium to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of expenses.