Why you should commence your Maryport lease extension

Top reasons for lease extension now:

Increase your lease and increase your Maryport property value

For those whose Maryport home is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Maryport with in excess of one hundred years left 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to loan monies with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Get in touch with one of our Maryport lease extension solicitors or enfranchisement solicitors

Lease extensions in Maryport can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 Maryport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Maryport Lease Extension Case Studies:

Leon, Maryport, Cumbria,

Leon was the the leasehold owner of a 2 bedroom apartment in Maryport on the market with a lease of fraction over 72 years outstanding. Leon on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Leon to invoke his statutory right. Leon obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Maryport case:

Last month we were approach by Mr and Mrs. N King , who took over the lease of a basement flat in Maryport in October 2000. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Comparable homes in Maryport with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 invoiced monthly. The lease expiry date was in 2101. Considering the 75 years unexpired we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.

Maryport case:

In 2013 we were e-mailed by Mr C Norbert who, having moved into a garden flat in Maryport in August 2010. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical homes in Maryport with an extended lease were valued around £250,400. The mid-range ground rent payable was £65 collected per annum. The lease ran out on 4 July 2090. Having 64 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 exclusive of costs.