Top reasons for Martock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Martock property value

Martock leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Martock enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Martock you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to properties in Martock with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

What makes us experts in Martock lease extensions?

Lease extensions in Martock can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Martock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Martock Lease Extension Example Cases:

Kayleigh, Martock, Somerset,

Trailing lengthy negotiations with the freeholder of her first floor apartment in Martock, Kayleigh commenced the lease extension process as the 80 year threshold was fast approaching. The lease extension was finalised in November 2006. The landlord’s fees were restricted to under five hundred pounds.

Martock case:

In 2010 we were phoned by Mr and Mrs. E Moore who, having completed a one bedroom flat in Martock in March 2010. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Martock with an extended lease were valued about £186,000. The average ground rent payable was £65 billed per annum. The lease terminated in 2084. Considering the 58 years remaining we approximated the premium to the landlord for the lease extension to be within £24,700 and £28,600 plus legals.

Martock case:

In 2009 we were e-mailed by Dr W Michel who, having was assigned a lease of a first floor apartment in Martock in October 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative residencies in Martock with 100 year plus lease were valued around £250,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish on 4 March 2095. Considering the 69 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.