Why you should commence your Marks Gate lease extension

Why you should commence your Marks Gate lease extension today:

A Marks Gate lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Marks Gate. Clearly, the length of lease remaining reduces over time. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Marks Gate have the legal entitlement to extend the lease for a further ninety years under statute. Do give careful deliberation before delaying your Marks Gate lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Marks Gate with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to encounter problems where you need to sell your flat in Marks Gate if the remaining term of your lease is less than the criteria set by most mortgage companies. Different lenders have varying criteria but on the whole they are looking for an unexpired term of at least 65 years.

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

Lease extensions in Marks Gate can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Marks Gate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Marks Gate Lease Extension Case Summaries:

Tyler, Marks Gate, London

Last Winter Tyler, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Marks Gate. In buying his flat 19 years previously, the unexpired term was of little significance. Fortunately, he recognised he would imminently be paying an inflated amount for Extending the lease. Tyler arranged for a lease extension just in the nick of time in May. Tyler and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If the lease had descended lower than 80 years, the figure would have gone up by a minimum £1,100.

Marks Gate case:

Mr V Davis was assigned a lease of a studio flat in Marks Gate in January 2002. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical flats in Marks Gate with a long lease were in the region of £285,000. The mid-range ground rent payable was £45 billed monthly. The lease ended on 19 October 2097. Taking into account 71 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus fees.