Top reasons for Maidenhead lease extension

Why you should commence your Maidenhead lease extension today:

A Maidenhead lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Maidenhead residential lease lessens so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Maidenhead will meet the qualifying criteria; however a lawyer should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not lend on a short lease

Lenders are tightening their criteria and many now want flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Maidenhead were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Maidenhead?

Irrespective of whether you are a tenant or a landlord in Maidenhead,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Maidenhead valuers.

Maidenhead Lease Extension Example Cases:

Daniel, Maidenhead, Berkshire

During the course of the last few months Daniel, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Maidenhead. In buying his property 18 years previously, the length of the lease was of no bearing. As luck would have it, he noticed he needed to take steps soon on a lease extension. Daniel arranged for a lease extension just ahead of time last August. Daniel and the freeholder via the management company eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the premium would have escalated by at least £1,050.

Maidenhead case:

In 2012 we were contacted by Mr O Gunderson who, having purchased a studio flat in Maidenhead in September 2009. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Comparable properties in Maidenhead with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 billed annually. The lease terminated on 13 November 2096. Given that there were 70 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Maidenhead case:

Last month we were contacted by Ms T Lefebvre , who owned a one bedroom apartment in Maidenhead in October 1999. The question was if we could approximate the premium would likely be for a ninety year lease extension. Similar residencies in Maidenhead with a long lease were worth £246,800. The average ground rent payable was £60 invoiced quarterly. The lease came to a finish on 25 January 2076. Taking into account 50 years unexpired we estimated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 plus costs.