Unfortunately that a Maryport residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Maryport property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher premium will be payable. The majority of flat owners in Maryport will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.
Leasehold residencies in Maryport with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Maryport,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Maryport valuers.
Subsequent to protracted discussions with the landlord of her ground floor flat in Maryport, Alicia commenced the lease extension process as the 80 year mark was quickly coming. The transaction was concluded in November 2012. The landlord’s costs were negotiated to below 500 pounds.
Last Winter we were phoned by Mr and Mrs. D Norbert , who bought a recently refurbished apartment in Maryport in May 2003. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparable homes in Maryport with an extended lease were valued about £181,600. The average amount of ground rent was £55 invoiced quarterly. The lease ended in 2077. Taking into account 52 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus costs.
Mr and Mrs. I Rodríguez completed a newly refurbished apartment in Maryport in March 2000. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical homes in Maryport with an extended lease were worth £285,000. The average amount of ground rent was £45 collected monthly. The lease concluded in 2097. Considering the 72 years unexpired we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.