Why you should start your Marple Bridge lease extension

Why you should commence your Marple Bridge lease extension today:

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

As the the remaining lease term of a Marple Bridge residential lease lessens so does its value and therefore the value of your property. If the lease has, over one hundred years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than 80 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 reason why you should extend the lease sooner than later. The majority of flat owners in Marple Bridge will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you wish to sell your flat in Marple Bridge if the remaining lease term is under the criteria set by most banks and building societies. Different mortgage companies have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Marple Bridge lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Marple Bridge lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Marple Bridge Lease Extension Example Cases:

Laura, Marple Bridge, Greater Manchester,

Trailing lengthy correspondence with the landlord of her purpose-built apartment in Marple Bridge, Laura commenced the lease extension process as the eighty year mark was quickly nearing. The legal work was concluded in August 2014. The freeholder’s costs were negotiated to approximately 700 GBP.

Marple Bridge case:

Ms C Bennett was assigned a lease of a studio apartment in Marple Bridge in August 2009. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative premises in Marple Bridge with a long lease were in the region of £210,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease concluded in 2106. Given that there were 80 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.

Marple Bridge case:

Mr and Mrs. S Edwards completed a studio apartment in Marple Bridge in February 2004. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable residencies in Marple Bridge with an extended lease were worth £280,000. The average amount of ground rent was £45 invoiced quarterly. The lease concluded in 2095. Taking into account 69 years outstanding we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including expenses.