Why you should start your Marlborough lease extension

Top reasons for lease extension now:

A Marlborough leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Marlborough. Inevitably, the period of lease remaining reduces over time. This is often ignored and only becomes a problem 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 expensive it will be to obtain a lease extension. Qualifying leaseholders in Marlborough have the right to extend the lease for a further ninety years in accordance with legislation. Please give careful attention before delaying your Marlborough lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

Marlborough property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Marlborough with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend with a short lease

Lenders are really clamping down as regards to properties in Marlborough with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

What makes us experts in Marlborough lease extensions?

Irrespective of whether you are a tenant or a landlord in Marlborough,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Marlborough valuers.

Marlborough Lease Extension Example Cases:

Rachel, Marlborough, Wiltshire,

Subsequent to protracted discussions with the freeholder of her leasehold apartment in Marlborough, Rachel started the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was concluded in November 2008. The landlord’s costs were restricted to a tad over 500 pounds.

Marlborough case:

In 2014 we were called by Mr Mason Scott who, having owned a garden flat in Marlborough in August 2009. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Comparative properties in Marlborough with 100 year plus lease were worth £198,800. The mid-range amount of ground rent was £55 collected every twelve months. The lease concluded in 2081. Given that there were 55 years remaining we calculated the premium to the landlord to extend the lease to be between £33,300 and £38,400 not including expenses.

Marlborough case:

Last Winter we were phoned by Ms Hannah Moreau , who took over the lease of a one bedroom apartment in Marlborough in April 2000. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Identical homes in Marlborough with a long lease were in the region of £300,000. The average ground rent payable was £50 collected monthly. The lease finished in 2101. Taking into account 75 years remaining we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.