Why you should start your Marks Gate lease extension

Top reasons for lease extension now:

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

Marks Gate leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Marks Gate residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Marks Gate you should investigate if your lease has between seventy and 90 years left. There are good reasons why a Marks Gate flat owner with a lease having around eighty years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Marks Gate with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage with a short lease

Why use us for your lease extension in Marks Gate?

Using our service gives you increased control over the value of your Marks Gate leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Marks Gate Lease Extension Case Studies:

Gabriel, Marks Gate, London

Two years ago Gabriel, came critically close to the eighty-year mark with the lease on his garden flat in Marks Gate. In buying his flat twenty years ago, the lease term was of little significance. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Gabriel was able to extend his lease at the eleventh hour in August. Gabriel and the freeholder via the managing agents subsequently agreed on the final figure of £5,500 . If the lease had slid to less than 80 years, the premium would have become more costly by at least £1,150.

Marks Gate case:

In 2011 we were e-mailed by Ms A Bailey who, having moved into a purpose-built apartment in Marks Gate in September 1996. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Marks Gate with an extended lease were in the region of £243,000. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish on 7 April 2089. Given that there were 63 years remaining we calculated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 not including legals.