Marylebone 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 the lease gets more expensive. The majority of owners of residential leasehold property in Marylebone enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Marylebone you really ought to see if your lease has between 70 and ninety years remaining. There are good reasons why a Marylebone leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Leeds Building Society | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland |
Engaging our service will provide you better control over the value of your Marylebone leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the landlord of her basement flat in Marylebone, Sophie initiated the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The transaction completed in April 2009. The freeholder’s fees were kept to an absolute minimum.
Ms Alice Ricardo purchased a first floor apartment in Marylebone in November 2009. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical properties in Marylebone with a long lease were in the region of £280,000. The average ground rent payable was £45 collected per annum. The lease terminated on 7 April 2096. Considering the 70 years remaining we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.
An example of a Lease Extension matter before the tribunal for a Marylebone flat 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 related to 2 flats. The remaining number of years on the lease was 24.02 years.