Maidenhead leases on domestic deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Maidenhead will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Maidenhead with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Maidenhead can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.
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 Maidenhead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eliot owned a studio flat in Maidenhead being sold with a lease of a few days over fifty eight years unexpired. Eliot on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Eliot to invoke his statutory right. Eliot obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.
Last Christmas we were phoned by Mrs M Davis , who purchased a basement apartment in Maidenhead in November 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Identical flats in Maidenhead with 100 year plus lease were valued about £254,200. The average ground rent payable was £60 billed monthly. The lease expired on 13 August 2077. Having 51 years unexpired we calculated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of expenses.
In 2014 we were approached by Mr and Mrs. O White who, having purchased a first floor apartment in Maidenhead in September 1997. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative flats in Maidenhead with an extended lease were worth £210,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease terminated in 2088. Taking into account 62 years remaining we approximated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 plus expenses.