Why you should start your Martock lease extension

Why you should start your Martock lease extension today:

A Martock lease depreciates with the years remaining on the lease.

The closer a domestic lease in Martock nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 100 years remaining then this decrease may be fractional however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Martock will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold premises in Martock with in excess of one hundred years remaining on the lease are often regarded as a ‘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 upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to 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 adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Martock?

Retaining our service gives you increased control over the value of your Martock leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Martock Lease Extension Case Summaries:

Imogen, Martock, Somerset,

In the wake of eight months of unsuccessful negotiations with the freeholder of her purpose-built apartment in Martock, Imogen initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction was finalised in October 2015. The freeholder’s fees were kept to an absolute minimum.

Martock case:

Last year we were contacted by Mrs Millie Lefèvre , who was assigned a lease of a newly refurbished apartment in Martock in May 2004. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative premises in Martock with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease ended in 2096. Taking into account 70 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.

Martock case:

Mr P Simon was assigned a lease of a ground floor flat in Martock in August 2003. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Martock with a long lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease ended in 2076. Taking into account 50 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £44,700 and £51,600 not including fees.