Top reasons for Marple lease extension

Main reasons to start your Marple lease extension today:

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

Marple residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold properties in Marple with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not finance a property with a short lease

The propensity since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Marple lease extensions?

Lease extensions in Marple can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 procuring Marple lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Marple Lease Extension Example Cases:

Reuben, Marple, Greater Manchester

In recent months Reuben, came perilously close to the 80-year mark with the lease on his garden apartment in Marple. Having purchased his property two decades ago, the length of the lease was of no bearing. Fortunately, he recognised he needed to take action soon on a lease extension. Reuben arranged for a lease extension just under the wire in August. Reuben and the freeholder via the management company ultimately settled on the final figure of £5,000 . If he not met the deadline, the premium would have escalated by at least £1,000.

Marple case:

Dr Amy Morgan took over the lease of a one bedroom flat in Marple in September 1999. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Marple with an extended lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced annually. The lease elapsed on 25 February 2098. Having 73 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Marple case:

Dr N Mason completed a ground floor apartment in Marple in May 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Marple with an extended lease were worth £264,000. The average amount of ground rent was £60 billed per annum. The lease ended on 23 September 2078. Taking into account 53 years outstanding we estimated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 plus professional charges.