There is no doubt about it a leasehold flat or house in Marple is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of one hundred years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Marple will qualify for this right; that being said a conveyancing solicitor can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Marple with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure 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 lawyer we work with provide it.
Archie was the the leasehold proprietor of a high value flat in Marple being sold with a lease of a little over 59 years unexpired. Archie informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Archie to invoke his statutory right. Archie obtained expert legal guidance and secured satisfactory resolution without going to tribunal and sell the flat.
Last Autumn we were approach by Mrs B Clarke , who bought a one bedroom apartment in Marple in January 2004. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Similar properties in Marple with 100 year plus lease were in the region of £173,800. The average ground rent payable was £60 collected every twelve months. The lease ran out on 10 October 2081. Considering the 55 years left we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus professional charges.
In 2011 we were phoned by Dr E Lewis who, having acquired a purpose-built flat in Marple in June 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable properties in Marple with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 collected annually. The lease concluded in 2092. Having 66 years outstanding we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.