Marston Moretaine leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Marston Moretaine will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not qualify. There are also strict timetables and procedures to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
Leasehold premises in Marston Moretaine with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| TSB | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Marston Moretaine,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Marston Moretaine valuers.
Off the back of lengthy negotiations with the landlord of her leasehold flat in Marston Moretaine, Daisy commenced the lease extension process as the 80 year mark was rapidly approaching. The transaction was finalised in July 2011. The freeholder’s costs were restricted to below 500 GBP.
Dr U Simon bought a one bedroom apartment in Marston Moretaine in September 2004. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparable properties in Marston Moretaine with 100 year plus lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease concluded in 2095. Considering the 69 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.
Last October we were contacted by Mrs A Rodríguez , who purchased a one bedroom flat in Marston Moretaine in March 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in Marston Moretaine with an extended lease were worth £290,000. The mid-range ground rent payable was £60 invoiced monthly. The lease end date was on 21 November 2106. Considering the 80 years remaining we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus costs.