Maryport leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Maryport tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Maryport you would be well advised to see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Godiva Mortgages | 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Maryport can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in this area.
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 dealing with Maryport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy correspondence with the freeholder of her two bedroom apartment in Maryport, Caitlin started the lease extension process just as the lease was nearing the all-important 80-year mark. The legal work completed in August 2013. The landlord’s charges were kept to an absolute minimum.
Dr U Anderson owned a basement apartment in Maryport in March 2012. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Maryport with a long lease were in the region of £233,200. The average ground rent payable was £60 collected yearly. The lease concluded on 22 November 2086. Having 61 years unexpired we calculated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 plus legals.
Last year we were called by Ms Y Lambert , who purchased a one bedroom apartment in Maryport in May 1999. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparable properties in Maryport with an extended lease were valued around £171,800. The average ground rent payable was £55 collected quarterly. The lease elapsed in 2075. Considering the 50 years unexpired we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including fees.