Why you should commence your Maryport lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/maryport">Maryport</a> lease depreciates with the years remaining on the lease.
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<p> The re-sale value of a leasehold property in Maryport is impacted by how long the lease has left to run. If it is near to or fewer than 80 years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that a lease extension can be addressed ahead of the 80 year threshold. Leasehold Reform legislation entitles Maryport qualifying lessees to obtain a lease extension of 90 years on top of the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension. <h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold residencies in Maryport with over 100 years unexpired on the lease are sometimes regarded as a ‘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 purchasing the freehold unless savings on ground rent and service charges justify it. <h4>Mortgage lenders may decide not to loan monies with a short lease</h4>
The trend since the credit crunch has been for lenders to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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Why use us for your lease extension in Maryport? </h4>
<p> Irrespective of whether you are a tenant or a landlord in Maryport,the lease extension solicitors that we work with will always be prepared 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.
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Maryport Lease Extension Case Studies:
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<h5> Ashleigh, Maryport, Cumbria,</h5>
<p> After protracted discussions with the freeholder of her first floor flat in Maryport, Ashleigh commenced the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction completed in May 2014. The landlord’s fees were negotiated to a tad over 550 GBP.
<h5>Maryport case:</h5>
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Last year we were contacted by Ms C Norbert , who
was assigned a lease of a studio apartment in Maryport in June 2003. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative properties in Maryport with an extended lease were valued about £290,000. The average ground rent payable was £45 billed monthly. The lease concluded on 16 May 2099. Considering the 73 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.
<h5>Maryport case:</h5>
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Last year we were called by Ms Sophia Díaz , who
was assigned a lease of a ground floor apartment in Maryport in April 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative premises in Maryport with an extended lease were in the region of £240,600. The average ground rent payable was £60 collected monthly. The lease ended on 15 July 2088. Taking into account 62 years remaining we approximated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus professional charges.
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