Chances are that if you own a flat in Marlborough you actually own a long leasehold interest over your property
Leasehold residencies in Marlborough with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Marlborough 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 a wealth of experience procuring Marlborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kian was the the leasehold proprietor of a 2 bedroom apartment in Marlborough being sold with a lease of just over fifty eight years remaining. Kian on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Kian to invoke his statutory right. Kian obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2010 we were contacted by Mrs D Cook who, having acquired a first floor flat in Marlborough in February 1997. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparable premises in Marlborough with 100 year plus lease were valued around £205,000. The average amount of ground rent was £50 collected monthly. The lease terminated in 2105. Given that there were 79 years left we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
In 2009 we were called by Mr Daniel Bennett who, having owned a recently refurbished apartment in Marlborough in March 1996. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable residencies in Marlborough with a long lease were in the region of £275,000. The average amount of ground rent was £65 invoiced monthly. The lease lapsed in 2094. Considering the 68 years remaining we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.