It’s a harsh certainty that a Marple Bridge residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Marple Bridge property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining dips below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Marple Bridge will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Marple Bridge can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Marple Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following protracted discussions with the freeholder of her ground floor flat in Marple Bridge, Katie initiated the lease extension process as the 80 year deadline was swiftly approaching. The legal work was finalised in June 2008. The freeholder’s costs were kept to an absolute minimum.
In 2014 we were called by Mr and Mrs. A Hernández who, having bought a one bedroom flat in Marple Bridge in May 1999. The question was if we could estimate the price could be to extend the lease by an additional years. Comparative residencies in Marple Bridge with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated in 2101. Considering the 75 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.
Dr D Garcia owned a purpose-built flat in Marple Bridge in January 2010. We are asked if we could approximate the premium could be to extend the lease by an additional years. Similar homes in Marple Bridge with an extended lease were valued about £250,400. The average ground rent payable was £65 billed monthly. The lease ran out on 9 September 2090. Having 64 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 not including fees.