There is no doubt about it a leasehold property in Marple Bridge is a wasting asset as a result of the shortening lease. Where the residual term has, more than one hundred years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. Many flat owners in Marple Bridge will meet the qualifying criteria; that being said a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Marple Bridge with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Halifax | |
| Santander | |
| TSB |
Irrespective of whether you are a tenant or a freeholder in Marple Bridge,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Marple Bridge valuers.
Off the back of unsuccessful correspondence with the freeholder of her one bedroom apartment in Marple Bridge, Katherine initiated the lease extension process as the eighty year deadline was rapidly nearing. The legal work was finalised in March 2010. The freeholder’s fees were negotiated to slightly above 550 pounds.
In 2014 we were e-mailed by Mrs I Cook who, having took over the lease of a garden flat in Marple Bridge in June 2010. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical homes in Marple Bridge with 100 year plus lease were worth £189,000. The average amount of ground rent was £55 collected monthly. The lease expiry date was on 12 November 2079. Having 53 years outstanding we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including fees.
In 2013 we were e-mailed by Mr and Mrs. M Carter who, having moved into a first floor flat in Marple Bridge in September 2009. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparative flats in Marple Bridge with a long lease were valued around £290,000. The average ground rent payable was £45 billed quarterly. The lease elapsed in 2099. Considering the 73 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.