Maryport leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Maryport tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Maryport you would be well advised to see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Maryport flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is put in place without delay
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works |
Irrespective 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 experience and the close ties they enjoy with Maryport valuers.
In recent months Luca, came dangerously near to the eighty-year mark with the lease on his ground floor apartment in Maryport. In buying his home two decades ago, the length of the lease was of minimal interest. Thankfully, he noticed he needed to take action soon on Extending the lease. Luca arranged for a lease extension just ahead of time in August. Luca and the landlord eventually settled on a premium of £6,000 . If the lease had dropped below eighty years, the figure would have escalated by at least £1,150.
In 2010 we were called by Mrs G François who, having was assigned a lease of a one bedroom flat in Maryport in January 2001. We are asked if we could approximate the price would be to prolong the lease by an additional years. Similar residencies in Maryport with 100 year plus lease were in the region of £223,400. The average amount of ground rent was £60 invoiced monthly. The lease elapsed on 11 July 2085. Taking into account 59 years outstanding we approximated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of costs.
Mr Aiden Jackson purchased a one bedroom flat in Maryport in October 2007. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Similar properties in Maryport with a long lease were worth £205,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out on 21 June 2105. Taking into account 79 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.