When it comes to long leasehold premises in Maryport, you are actually purchasing an entitlement to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than eighty years left. Anyone in Maryport with a lease nearing 81 years left should seriously consider extending it sooner rather than later. When a lease has below 80 years left, under the current statute the freeholder is entitled to calculate and demand a larger amount, assessed on a technical computation, known as “marriage value” which is due.
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you increased control over the value of your Maryport leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful negotiations with the landlord of her first floor apartment in Maryport, Alicia initiated the lease extension process as the 80 year deadline was fast coming. The lease extension completed in March 2011. The landlord’s fees were kept to an absolute minimum.
Mrs Katherine Mitchell acquired a first floor apartment in Maryport in March 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Identical homes in Maryport with 100 year plus lease were in the region of £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease lapsed on 12 August 2090. Having 65 years unexpired we estimated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including legals.
Last month we were phoned by Ms Bethany Gunderson , who was assigned a lease of a basement flat in Maryport in March 2005. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Comparative residencies in Maryport with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 collected every twelve months. The lease finished on 18 March 2079. Given that there were 54 years outstanding we calculated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 plus expenses.