Top reasons for Marple lease extension

Main reasons to start your Marple lease extension today:

Increase your lease and increase your Marple property value

Marple leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Marple enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Marple you must check if your lease has between seventy and ninety years left. There are compelling reasons why a Marple leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties where you need to sell your flat in Marple if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different lenders have varying criteria but in the main theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Marple lease extensions?

The conveyancers that we work with handle Marple 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 conveyancer we work with provide it.

Marple Lease Extension Example Cases:

Harry, Marple, Greater Manchester,

Harry owned a conversion flat in Marple on the market with a lease of fraction over 59 years unexpired. Harry informally approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harry to invoke his statutory right. Harry obtained expert advice and secured an acceptable resolution informally and readily saleable.

Marple case:

Dr Dexter Bertrand was assigned a lease of a basement apartment in Marple in August 1996. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Similar properties in Marple with an extended lease were valued about £255,000. The average amount of ground rent was £50 invoiced every twelve months. The lease concluded on 6 September 2097. Taking into account 71 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.

Marple case:

In 2014 we were approached by Mr and Mrs. F François who, having purchased a studio flat in Marple in March 2010. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Comparative homes in Marple with an extended lease were valued about £254,200. The average ground rent payable was £60 billed per annum. The lease came to a finish on 4 June 2077. Having 51 years unexpired we estimated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of legals.