Main reasons to start your Marshalls Park lease extension

Main reasons to start your Marshalls Park lease extension today:

A Marshalls Park leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Marshalls Park you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Marshalls Park with more than one hundred years left 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not lend on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so if they can't secure a mortgage, then the financial worth of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Marshalls Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Marshalls Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 Marshalls Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Marshalls Park Lease Extension Case Studies:

Mason, Marshalls Park, London

Last October Mason, started to get close to the 80-year threshold with the lease on his basement apartment in Marshalls Park. In buying his home two decades ago, the unexpired term was of little bearing. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Mason was able to extend his lease just ahead of time in March. Mason and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If he not met the deadline, the premium would have escalated by at least £1,125.

Marshalls Park case:

In 2012 we were e-mailed by Dr Teddy Ricardo who, having purchased a one bedroom flat in Marshalls Park in July 2009. The question was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar residencies in Marshalls Park with an extended lease were worth £225,800. The average amount of ground rent was £60 billed monthly. The lease ended on 20 January 2086. Considering the 60 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £25,700 and £29,600 exclusive of professional charges.

Marshalls Park case:

Last Spring we were phoned by Mr and Mrs. A Gray , who moved into a ground floor flat in Marshalls Park in May 2005. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable homes in Marshalls Park with a long lease were worth £210,000. The mid-range ground rent payable was £50 billed yearly. The lease terminated on 21 July 2106. Considering the 80 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.