When it comes to residential leasehold premises in Marske By The Sea, you are actually buying an entitlement to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably when there are less than 80 years remaining. Leasehold owners in Marske By The Sea with a lease drawing near to 81 years unexpired should seriously consider extending it sooner than later. When the lease term has below 80 years remaining, under the relevant statute the landlord can calculate and demand a larger amount, assessed on a technical multiplication, known as “marriage value” which is due.
Leasehold premises in Marske By The Sea with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Marske By The Sea can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.
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 dealing with Marske By The Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the freeholder of her garden flat in Marske By The Sea, Naomi commenced the lease extension process as the 80 year mark was quickly advancing. The lease extension completed in July 2014. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. V Nguyen took over the lease of a garden apartment in Marske By The Sea in August 2006. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Similar properties in Marske By The Sea with a long lease were valued about £193,400. The average amount of ground rent was £65 invoiced quarterly. The lease elapsed on 21 October 2084. Given that there were 59 years unexpired we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of expenses.
Last Spring we were phoned by Mr and Mrs. G Flores , who bought a basement apartment in Marske By The Sea in August 1999. The question was if we could approximate the price would be to extend the lease by an additional years. Similar properties in Marske By The Sea with an extended lease were worth £255,000. The average ground rent payable was £50 invoiced yearly. The lease end date was in 2095. Having 70 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.