Top reasons for Maryport lease extension

Why you should start your Maryport lease extension today:

Increase your lease and increase your Maryport property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Maryport may extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Maryport lease extension. Putting off the costs today simply escalates the premium you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in Maryport with in excess of 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to finance a property with a short lease

Mortgage companies are really restricting their approach as regards to properties in Maryport with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting the amount of potential buyers.

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

Using our service will provide you better control over the value of your Maryport leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Maryport Lease Extension Example Cases:

Ella, Maryport, Cumbria,

In the wake of 9 months of protracted correspondence with the freeholder of her purpose-built flat in Maryport, Ella initiated the lease extension process as the eighty year mark was quickly nearing. The legal work was concluded in February 2010. The freeholder’s fees were negotiated to less than 550 pounds.

Maryport case:

Last Autumn we were called by Mr and Mrs. Y Hall , who owned a purpose-built apartment in Maryport in October 2006. The question was if we could estimate the premium would be for a ninety year lease extension. Comparative flats in Maryport with a long lease were valued about £267,600. The average ground rent payable was £65 billed every twelve months. The lease came to a finish in 2093. Considering the 67 years left we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of fees.

Maryport case:

Mrs I Norbert was assigned a lease of a studio apartment in Maryport in October 2000. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical homes in Maryport with a long lease were in the region of £206,200. The average ground rent payable was £60 billed monthly. The lease lapsed in 2082. Given that there were 56 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus professional charges.