Marske By The Sea Lease Extension - Free Consultation

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Main reasons to commence your Marske By The Sea lease extension

Top reasons for lease extension now:

A Marske By The Sea lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Marske By The Sea you actually own a long leasehold interest over your property

Marske By The Sea property with a lease extension is almost the same value as a freehold

Leasehold premises in Marske By The Sea with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances 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 lend on a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Marske By The Sea home.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Marske By The Sea lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Marske By The Sea,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Marske By The Sea valuers.

Marske By The Sea Lease Extension Example Cases:

Ashleigh, Marske By The Sea, North Yorkshire,

After unsuccessful negotiations with the freeholder of her leasehold flat in Marske By The Sea, Ashleigh started the lease extension process as the 80 year mark was swiftly approaching. The lease extension was concluded in November 2010. The freeholder’s fees were kept to an absolute minimum.

Marske By The Sea case:

In 2010 we were phoned by Dr O Khan who, having completed a one bedroom apartment in Marske By The Sea in March 1999. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparable residencies in Marske By The Sea with an extended lease were worth £166,400. The mid-range amount of ground rent was £60 collected yearly. The lease expired on 22 September 2079. Taking into account 54 years remaining we approximated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including costs.

Marske By The Sea case:

Ms Kate Fournier completed a studio apartment in Marske By The Sea in January 2005. The dilemma was if we could estimate the premium could be to extend the lease by ninety years. Comparative flats in Marske By The Sea with an extended lease were valued around £227,800. The average ground rent payable was £45 billed monthly. The lease terminated on 26 October 2090. Given that there were 65 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus professional charges.