Chances are that if you own a flat in Marple you actually own a long leasehold interest over your property
Leasehold premises in Marple with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Marple,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Marple valuers.
During the course of the last few months Aarav, came very near to the 80-year threshold with the lease on his garden apartment in Marple. Having bought his property two decades ago, the unexpired term was of no bearing. Fortunately, it dawned on him that he needed to take action soon on a lease extension. Aarav arranged for a lease extension at the eleventh hour in September. Aarav and the landlord who owned the flat above eventually agreed on sum of £6,000 . If he failed to meet the deadline, the premium would have escalated by a minimum £1,150.
Last year we were called by Mr Noah Phillips , who took over the lease of a garden flat in Marple in March 2012. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Similar homes in Marple with a long lease were valued about £210,600. The average amount of ground rent was £45 collected monthly. The lease came to a finish on 1 April 2087. Considering the 62 years left we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus legals.
In 2009 we were phoned by Mr and Mrs. H Mason who, having acquired a studio apartment in Marple in September 1996. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparative flats in Marple with an extended lease were in the region of £265,000. The mid-range amount of ground rent was £50 billed quarterly. The lease lapsed in 2098. Given that there were 73 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.