Marple leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Marple tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Marple you must investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Marple flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay
Leasehold residencies in Marple with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Marple can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 a wealth of experience dealing with Marple lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Tyler was the the leasehold proprietor of a studio apartment in Marple being sold with a lease of a few days over sixty years unexpired. Tyler on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.
Last Autumn we were approach by Mr and Mrs. A Norbert , who completed a ground floor flat in Marple in April 1999. The dilemma was if we could estimate the price would likely be to prolong the lease by ninety years. Comparable flats in Marple with an extended lease were worth £285,000. The average ground rent payable was £55 billed every twelve months. The lease ran out on 6 August 2105. Having 79 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.
Last Winter we were phoned by Ms Ashleigh Lewis , who completed a ground floor flat in Marple in September 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Marple with a long lease were valued about £193,400. The mid-range amount of ground rent was £65 collected annually. The lease finished on 20 April 2085. Having 59 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including professional charges.