Why you should commence your Marshfield lease extension

Why you should commence your Marshfield lease extension today:

A Marshfield lease depreciates with the years remaining on the lease.

Marshfield leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Marshfield residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Marshfield you should see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Marshfield flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay

Marshfield property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may decide not to loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may cause difficulties as and when you need to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might have no imminent desire to sell but when you do your buyer will have to hold off for two years before they can commence the legal procedures for a lease extension.

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

The lawyers that we work with undertake Marshfield 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 conveyancing solicitor we work with provide it.

Marshfield Lease Extension Example Cases:

Sian, Marshfield, Newport,

After lengthy correspondence with the landlord of her garden flat in Marshfield, Sian initiated the lease extension process just as the lease was nearing the critical 80-year threshold. The legal work was concluded in May 2008. The freeholder’s charges were negotiated to below five hundred GBP.

Marshfield case:

Last year we were e-mailed by Dr S Jackson , who moved into a studio apartment in Marshfield in March 2000. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparable residencies in Marshfield with a long lease were valued around £208,200. The average ground rent payable was £65 invoiced annually. The lease concluded in 2087. Considering the 61 years unexpired we approximated the premium to the landlord for the lease extension to be between £20,000 and £23,000 plus legals.

Marshfield case:

Last Winter we were e-mailed by Mr and Mrs. E David , who moved into a garden flat in Marshfield in March 2006. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Identical flats in Marshfield with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 billed annually. The lease ended in 2098. Given that there were 72 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.