Stop! Your Lease Extension in Maidenhead Could Be FREE

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Many leaseholders in Maidenhead are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Maidenhead has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Maidenhead lease extension

Main reasons to start your Maidenhead lease extension today:

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

Maidenhead residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

Leasehold properties in Maidenhead with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not lend with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Maidenhead lease extensions?

Lease extensions in Maidenhead can be a difficult process. We recommend you secure guidance from a lawyer 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 Maidenhead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Maidenhead Lease Extension Example Cases:

Chantelle, Maidenhead, Berkshire,

In the wake of eight months of unsuccessful discussions with the freeholder of her purpose-built flat in Maidenhead, Chantelle commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The lease extension was concluded in June 2009. The landlord’s charges were kept to an absolute minimum.

Maidenhead case:

Dr M Michel owned a basement apartment in Maidenhead in April 2004. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Comparable properties in Maidenhead with 100 year plus lease were worth £176,200. The average amount of ground rent was £65 collected annually. The lease terminated on 19 August 2082. Given that there were 56 years outstanding we calculated the premium to the landlord to extend the lease to be between £29,500 and £34,000 plus expenses.

Maidenhead case:

Mr and Mrs. I François bought a one bedroom apartment in Maidenhead in March 2009. We are asked if we could estimate the price would be to extend the lease by ninety years. Comparable homes in Maidenhead with an extended lease were worth £237,600. The mid-range amount of ground rent was £45 invoiced annually. The lease expired on 1 November 2093. Having 67 years outstanding we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus costs.