Why you should commence your Marple Bridge lease extension

Main reasons to commence your Marple Bridge lease extension today:

A Marple Bridge lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Marple Bridge. Clearly, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Marple Bridge have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give due consideration before delaying your Marple Bridge lease extension. Holding off that expense now likely increases the price you will eventually have to pay to extend your lease

Marple Bridge property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term goes under a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Marple Bridge home.

What makes us experts in Marple Bridge lease extensions?

Regardless of whether you are a tenant or a freeholder in Marple Bridge,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Marple Bridge valuers.

Marple Bridge Lease Extension Case Studies:

Kai, Marple Bridge, Greater Manchester

Last Autumn Kai, started to get close to the eighty-year threshold with the lease on his ground floor flat in Marple Bridge. Having purchased his flat twenty years previously, the length of the lease was of no bearing. by good luck, he noticed he needed to take action soon on Extending the lease. Kai extended the lease at the eleventh hour in June. Kai and the landlord in the end agreed on the final figure of £6,000 . If the lease had slid lower than eighty years, the amount would have increased by at least £925.

Marple Bridge case:

Dr F Lewis moved into a one bedroom apartment in Marple Bridge in January 2012. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar flats in Marple Bridge with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £65 collected annually. The lease concluded on 10 November 2094. Taking into account 68 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.

Marple Bridge case:

Ms Katie Cox moved into a first floor apartment in Marple Bridge in February 2006. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical residencies in Marple Bridge with 100 year plus lease were in the region of £213,600. The average amount of ground rent was £60 billed every twelve months. The lease finished on 20 July 2083. Given that there were 57 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including costs.