Maryport leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Maryport tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Maryport you would be well advised to investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value
Leasehold residencies in Maryport with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Maryport can be a difficult process. We recommend you procure 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 Maryport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Andrew owned a high value flat in Maryport being sold with a lease of just over fifty eight years outstanding. Andrew informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Andrew to invoke his statutory right. Andrew obtained expert advice and secured satisfactory deal informally and sell the flat.
Mr Joseph Hernández purchased a garden apartment in Maryport in January 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Identical premises in Maryport with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed per annum. The lease terminated on 10 May 2081. Considering the 55 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 plus expenses.
Last Winter we were approach by Mr Kyle Murphy , who bought a one bedroom flat in Maryport in May 2002. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Identical flats in Maryport with an extended lease were in the region of £300,000. The average amount of ground rent was £50 billed every twelve months. The lease terminated on 17 April 2101. Taking into account 75 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.