Stop! Your Lease Extension in Marks Gate Could Be FREE

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Many leaseholders in Marks Gate are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Marks Gate has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Marks Gate lease extension

Top reasons for lease extension now:

Increase your lease and increase your Marks Gate property value

The value of Marks Gate leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is below than eighty years

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

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This may cause difficulties when you need to sell or refinance your property as it will be effectively unmortgageable. You may not have an imminent desire to sell but when you do your purchaser must hold off for 2 years before being able to exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date 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.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

The conveyancers that we work with procure Marks Gate 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 conveyancer we work with provide it.

Marks Gate Lease Extension Example Cases:

Jayden, Marks Gate, London

14 months ago Jayden, started to get close to the 80-year threshold with the lease on his garden apartment in Marks Gate. In buying his flat two decades ago, the length of the lease was of no significance. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Jayden was able to extend his lease at the eleventh hour last March. Jayden and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If he failed to meet the deadline, the price would have escalated by at least £950.

Marks Gate case:

Mr and Mrs. L Harris completed a basement flat in Marks Gate in November 1995. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical properties in Marks Gate with 100 year plus lease were in the region of £260,200. The average amount of ground rent was £65 billed yearly. The lease lapsed in 2092. Taking into account 66 years remaining we calculated the compensation to the freeholder for the lease extension to be within £16,200 and £18,600 not including expenses.

Decision in Redbridge

An example of a Lease Extension decision for a Marks Gate flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired lease term was 61.36 years.