Main reasons to start your Marshfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Marshfield property value

The market value of Marshfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is less than eighty years

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

Leasehold residencies in Marshfield with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most high street banks are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Marshfield were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Marshfield lease extensions?

Lease extensions in Marshfield can be a difficult process. We recommend you secure guidance 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 in-depth market knowledge procuring Marshfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Marshfield Lease Extension Case Summaries:

Kian, Marshfield, Newport,

Kian owned a high value flat in Marshfield on the market with a lease of a few days over fifty eight years remaining. Kian informally approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Kian to invoke his statutory right. Kian obtained expert advice and secured an acceptable deal informally and ending up with a market value flat.

Marshfield case:

Ms C Rodríguez was assigned a lease of a basement apartment in Marshfield in May 1998. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Comparable properties in Marshfield with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease concluded on 23 November 2106. Considering the 80 years remaining we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.

Marshfield case:

Last month we were e-mailed by Mr and Mrs. C Rogers , who bought a ground floor apartment in Marshfield in August 2008. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative residencies in Marshfield with 100 year plus lease were worth £200,800. The average amount of ground rent was £65 invoiced yearly. The lease finished on 12 November 2086. Taking into account 60 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 not including expenses.