Maryport leases on domestic properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher amount will be due. Flat owners in Maryport will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some circumstances you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Maryport with more than one hundred years remaining 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective 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.
Finn owned a studio flat in Maryport being marketed with a lease of a little over 72 years unexpired. Finn on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Finn to invoke his statutory right. Finn obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Last Spring we were phoned by Mr and Mrs. D Moore , who bought a garden flat in Maryport in January 2000. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable properties in Maryport with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 collected yearly. The lease elapsed in 2095. Given that there were 69 years remaining we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.
Mrs Y Ricardo took over the lease of a one bedroom flat in Maryport in March 2010. The question was if we could approximate the premium would be for a 90 year lease extension. Comparative properties in Maryport with an extended lease were worth £216,000. The average ground rent payable was £60 collected quarterly. The lease expired in 2084. Having 58 years remaining we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus expenses.