Marske and Upleatham residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.
Leasehold premises in Marske and Upleatham with more than 100 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Marske and Upleatham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Marske and Upleatham valuers.
Oliver was the the leasehold owner of a high value flat in Marske and Upleatham being marketed with a lease of fraction over 72 years left. Oliver on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Oliver to exercise his statutory right. Oliver procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
In 2013 we were approached by Mr and Mrs. C Reed who, having completed a one bedroom apartment in Marske and Upleatham in May 2008. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Similar properties in Marske and Upleatham with an extended lease were worth £181,600. The average ground rent payable was £55 collected monthly. The lease elapsed in 2078. Having 52 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus legals.
In 2009 we were approached by Mr and Mrs. V Howard who, having moved into a first floor flat in Marske and Upleatham in September 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Marske and Upleatham with a long lease were worth £290,000. The mid-range ground rent payable was £45 billed quarterly. The lease ran out on 14 October 2098. Considering the 72 years left we estimated the premium to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of professional charges.