Main reasons to commence your Marlow lease extension
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Main reasons to commence your Marlow lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/marlow">Marlow</a> leasehold property depreciates with the years remaining on the lease.
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<p> The market value of Marlow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is less than 80 years
<h4>Marlow property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold premises in Marlow with in excess of 100 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it. <h4>Lenders may decide not to loan monies with a short lease</h4> Almost all mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept <p>
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<th> Requirement
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Coventry Building Society</td>
<td> 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.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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What makes us experts in Marlow lease extensions?
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<p> Regardless of whether you are a tenant or a landlord in Marlow,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Marlow valuers.
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Marlow Lease Extension Example Cases:
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<h5> Jamie, Marlow, Buckinghamshire,</h5>
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Jamie was the the leasehold owner of a 2 bedroom apartment in Marlow being marketed with a lease of just over 59 years left. Jamie informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Jamie to invoke his statutory right. Jamie procured expert advice and secured an acceptable resolution informally and ending up with a market value flat.
<h5>Marlow case:</h5>
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In 2010 we were contacted by Mr and Mrs. D Ali who, having purchased a purpose-built flat in Marlow in July 2005. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical homes in Marlow with a long lease were in the region of £191,000. The mid-range ground rent payable was £65 collected quarterly. The lease lapsed on 15 September 2084. Given that there were 58 years left we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 not including expenses.
<h5>Marlow case:</h5>
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Last Winter we were approach by Dr P Thompson , who
took over the lease of a purpose-built flat in Marlow in October 1998. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Marlow with a long lease were valued around £250,000. The average amount of ground rent was £50 collected yearly. The lease termination date was in 2095. Taking into account 69 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.
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