Stop! Your Lease Extension in Marple Bridge Could Be FREE

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Many leaseholders in Marple Bridge are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Marple Bridge has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Marple Bridge lease extension

Top reasons for lease extension now:

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

Chances are that where you own a flat in Marple Bridge you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend with a short lease

The propensity since the credit crunch has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
Coventry Building Society 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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 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.

What makes us experts in Marple Bridge lease extensions?

Lease extensions in Marple Bridge can be a difficult process. We recommend you procure 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 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.

Marple Bridge Lease Extension Case Studies:

Georgia, Marple Bridge, Greater Manchester,

Off the back of lengthy correspondence with the landlord of her garden flat in Marple Bridge, Georgia commenced the lease extension process as the eighty year mark was swiftly approaching. The transaction was finalised in November 2005. The landlord’s fees were restricted to below 700 GBP.

Marple Bridge case:

In 2012 we were phoned by Mr O Fournier who, having bought a studio apartment in Marple Bridge in April 2002. The dilemma was if we could estimate the premium would likely be to prolong the lease by ninety years. Similar residencies in Marple Bridge with an extended lease were valued about £248,000. The mid-range ground rent payable was £65 collected monthly. The lease elapsed in 2089. Given that there were 63 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of costs.

Marple Bridge case:

Mr and Mrs. M Hernández took over the lease of a first floor flat in Marple Bridge in May 2012. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Similar properties in Marple Bridge with a long lease were worth £181,600. The average amount of ground rent was £55 collected quarterly. The lease ran out on 19 May 2078. Considering the 52 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including expenses.