The market value of a leasehold property in Marston Moretaine is impacted by how many years the lease has left to run. If it is close to or fewer than 80 years you should expect problems on re-sale, so it is recommended to arrange for the lease to be extended before buying. Ideally one should start the process of extending the lease is when a lease still has 82 years unexpired so that all matters can be concluded in advance of the 80 year cut off point. Leasehold Reform legislation enables Marston Moretaine qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of 90 years. The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold premises in Marston Moretaine with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Marston Moretaine can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Marston Moretaine lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the freeholder of her purpose-built apartment in Marston Moretaine, Isobel commenced the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension was concluded in April 2008. The landlord’s charges were restricted to below 600 pounds.
Dr K Leroy owned a one bedroom flat in Marston Moretaine in September 2003. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparative homes in Marston Moretaine with 100 year plus lease were worth £246,800. The average amount of ground rent was £60 collected every twelve months. The lease finished on 18 July 2076. Given that there were 50 years unexpired we estimated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 not including fees.
Last July we were e-mailed by Mr and Mrs. I Thompson , who bought a one bedroom flat in Marston Moretaine in June 2005. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical properties in Marston Moretaine with 100 year plus lease were in the region of £208,200. The mid-range amount of ground rent was £65 billed per annum. The lease ran out on 9 July 2087. Considering the 61 years remaining we approximated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.