Marylebone leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher amount will be due. Flat owners in Marylebone will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are prescribed timetables and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society |
Lease extensions in Marylebone can be a difficult process. We recommend you obtain professional help from a conveyancer 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 Marylebone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Oscar, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Marylebone. Having purchased his property two decades ago, the length of the lease was of minimal relevance. Thankfully, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Oscar extended the lease at the eleventh hour in August. Oscar and the landlord who owned the flat above subsequently agreed on an amount of £5,000 . If he not met the deadline, the price would have become more exhorbitant by at least £875.
In 2012 we were phoned by Dr C Roux who, having purchased a first floor flat in Marylebone in September 2010. We are asked if we could estimate the price would be to extend the lease by ninety years. Identical flats in Marylebone with 100 year plus lease were valued around £235,600. The average ground rent payable was £60 invoiced monthly. The lease ended in 2088. Considering the 62 years unexpired we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including costs.
An example of a Lease Extension decision for a Marylebone residence is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case was in relation to 2 flats. The unexpired residue of the current lease was 24.02 years.