March Lease Extension - Free Consultation

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Why you should commence your March lease extension


Why you should start your March lease extension today:

Increase your lease and increase your March property value

It’s an underpublicised certainty that a March residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the March property prices.Once your lease gets to 85ish years, 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 under eighty years - otherwise a higher amount will be payable. The majority of leasehold owners in March will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the process.

An extended lease is almost the same value as a freehold

Leasehold properties in March with in excess of 100 years outstanding 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 situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not loan monies on a short lease

Mortgage Lenders differ in their lending requirements. Some set the bar at seventy five years outstanding on the lease; others may be content with anything in excess 70 years. With less than sixty years, it may be difficult to get a mortgage at all.

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;
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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in March lease extensions?

Lease extensions in March can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 procuring March lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

March Lease Extension Case Summaries:

Lydia, March, Cambridgeshire,

Subsequent to unsuccessful negotiations with the landlord of her one bedroom apartment in March, Lydia started the lease extension process just as the lease was approaching the critical eighty-year threshold. The transaction completed in July 2008. The freeholder’s costs were restricted to a tad over 600 GBP.

March case:

In 2012 we were called by Dr Dylan Morel who, having completed a recently refurbished flat in March in July 2006. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative flats in March with 100 year plus lease were valued around £216,000. The average ground rent payable was £60 billed per annum. The lease came to a finish on 22 November 2083. Given that there were 58 years left we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus costs.

March case:

In 2013 we were e-mailed by Dr Abbie Laurent who, having acquired a recently refurbished flat in March in October 2011. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative premises in March with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 billed yearly. The lease ended on 26 January 2103. Considering the 78 years unexpired we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.