Maryport Lease Extension - Free Consultation

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Top reasons for Maryport lease extension

Top reasons for lease extension now:

A Maryport leasehold property depreciates with the years remaining on the lease.

Maryport leases on residential properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Maryport will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some cases you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.

Maryport property with a lease extension is almost the same value as a freehold

Leasehold residencies in Maryport with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Maryport if the unexpired lease term is below the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally they are looking for a minimum remaining lease term of 65 years.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Maryport?

Irrespective of whether you are a tenant or a freeholder in Maryport,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Maryport valuers.

Maryport Lease Extension Example Cases:

Jacob, Maryport, Cumbria,

Jacob owned a conversion flat in Maryport being sold with a lease of fraction over 61 years outstanding. Jacob informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Jacob to invoke his statutory right. Jacob obtained expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Maryport case:

In 2014 we were called by Ms R Cook who, having owned a basement apartment in Maryport in April 2011. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative flats in Maryport with 100 year plus lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed monthly. The lease ended in 2082. Taking into account 61 years unexpired we estimated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 exclusive of costs.

Maryport case:

Last August we were called by Ms Rosie Jackson , who moved into a first floor flat in Maryport in August 1995. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical properties in Maryport with 100 year plus lease were in the region of £174,200. The average ground rent payable was £55 billed monthly. The lease concluded on 14 May 2072. Having 51 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of fees.