Why you should commence your Marlow lease extension

Why you should start your Marlow lease extension today:

Increase your lease and increase your Marlow property value

The closer a residential lease in Marlow gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than 99 years to run then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner rather than later. Most flat owners in Marlow will meet the qualifying criteria; that being said a lawyer should be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold residencies in Marlow with more than one hundred years remaining 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 upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not issue a mortgage on a short lease

The trend since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Marlow?

Lease extensions in Marlow can be a difficult process. We recommend you obtain professional help from a lawyer and valuer 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 Marlow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Marlow Lease Extension Case Studies:

Olivia, Marlow, Buckinghamshire,

Following protracted correspondence with the landlord of her garden flat in Marlow, Olivia initiated the lease extension process just as her lease was approaching the critical eighty-year mark. The transaction completed in January 2011. The freeholder’s charges were restricted to below 450 pounds.

Marlow case:

Last Spring we were called by Mrs G Rivera , who moved into a basement flat in Marlow in January 1996. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Similar homes in Marlow with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease concluded in 2102. Given that there were 76 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.

Marlow case:

Mr Callum Moreau moved into a one bedroom apartment in Marlow in October 2012. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Marlow with a long lease were valued about £176,200. The average ground rent payable was £65 billed annually. The lease finished in 2082. Having 56 years left we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus expenses.