Main reasons to start your Martlesham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Martlesham property value

Martlesham residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

Martlesham property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to lend with a short lease

Banks and building societies are really clamping down as regards to homes in Martlesham with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Martlesham?

Lease extensions in Martlesham can be a difficult process. We recommend you obtain professional help from a lawyer 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 procuring Martlesham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Martlesham Lease Extension Case Studies:

Arthur, Martlesham, Suffolk,

Arthur owned a 2 bedroom apartment in Martlesham being marketed with a lease of fraction over 59 years remaining. Arthur informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Arthur to invoke his statutory right. Arthur procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Martlesham case:

In 2010 we were phoned by Ms J López who, having owned a studio flat in Martlesham in April 1995. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Similar premises in Martlesham with an extended lease were in the region of £240,600. The mid-range ground rent payable was £60 collected quarterly. The lease came to a finish on 17 February 2088. Having 62 years left we approximated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of legals.

Martlesham case:

In 2014 we were contacted by Mr and Mrs. G Torres who, having completed a studio apartment in Martlesham in November 2007. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar homes in Martlesham with an extended lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease came to a finish in 2077. Given that there were 51 years unexpired we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.