Why you should commence your Maryport lease extension

Why you should start your Maryport lease extension today:

Increase your lease and increase your Maryport property value

On the balance of probabilities if you own a flat in Maryport you actually own a long leasehold interest over your property

Maryport property with a lease extension is almost the same value as a freehold

Leasehold premises in Maryport with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

The propensity since the credit crunch has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by lenders has increased. In the past lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Maryport lease extensions?

Regardless of whether you are a tenant or a freeholder in Maryport,the lease extension lawyers 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.

Maryport Lease Extension Example Cases:

Dylan, Maryport, Cumbria

In recent months Dylan, came very close to the 80-year mark with the lease on his first floor flat in Maryport. In buying his home 18 years ago, the unexpired term was of minimal significance. Luckily, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Dylan was able to extend his lease just ahead of time last September. Dylan and the freeholder subsequently agreed on an amount of £5,000 . If he not met the deadline, the sum would have gone up by at least £900.

Maryport case:

Last November we were phoned by Mrs W Morris , who moved into a purpose-built apartment in Maryport in June 1999. The question was if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Maryport with a long lease were worth £285,000. The average amount of ground rent was £45 billed yearly. The lease lapsed on 19 August 2097. Having 71 years remaining we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of expenses.

Maryport case:

Dr W White acquired a one bedroom apartment in Maryport in October 2005. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Maryport with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 invoiced monthly. The lease ended on 22 January 2086. Given that there were 60 years as a residual term we calculated the premium to the landlord to extend the lease to be within £24,700 and £28,600 plus professional charges.