Why you should start your Marks Gate lease extension

Main reasons to start your Marks Gate lease extension today:

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

The only way is down when it comes to Marks Gate lease terms. Marks Gate flats that have a lease term shorter than eighty years will reduce in market price even faster, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

Leasehold residencies in Marks Gate with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties when you come to market or remortgage your property as it will be effectively unmortgageable. You may have no imminent desire to sell but when you do your buyer must hold off for a couple of years before they can exercise the right to a an extension to the lease.

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 obtain guidance from a conveyancing solicitor and surveyor with experience in this area.

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 procuring 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 Example Cases:

Leo, Marks Gate, London,

Leo was the the leasehold proprietor of a studio apartment in Marks Gate on the market with a lease of fraction over 72 years left. Leo on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Leo to invoke his statutory right. Leo obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Marks Gate case:

Last Christmas we were contacted by Mr and Mrs. V Vincent , who owned a garden flat in Marks Gate in March 1998. The dilemma was if we could approximate the price would likely be to extend the lease by ninety years. Comparable flats in Marks Gate with a long lease were valued about £218,400. The average amount of ground rent was £60 billed monthly. The lease elapsed in 2085. Considering the 59 years outstanding we estimated the premium to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of legals.