Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Maidenhead. Inevitably, the period of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Maidenhead have the legal entitlement to extend the lease for a further ninety years under statute. Please give careful attention before putting off your Maidenhead lease extension. Holding off the cost now likely increases the price you will ultimately have to pay for a lease extension
Leasehold premises in Maidenhead with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Maidenhead can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 a wealth of experience 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.
Ethan owned a studio apartment in Maidenhead being marketed with a lease of fraction over sixty years left. Ethan informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Ethan to invoke his statutory right. Ethan procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
In 2011 we were e-mailed by Mr and Mrs. G Watson who, having moved into a garden flat in Maidenhead in August 2010. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Maidenhead with an extended lease were worth £168,800. The mid-range amount of ground rent was £60 collected yearly. The lease expiry date was in 2081. Taking into account 55 years remaining we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including legals.
In 2010 we were contacted by Mr and Mrs. B Cook who, having purchased a newly refurbished flat in Maidenhead in March 2002. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative premises in Maidenhead with a long lease were in the region of £235,200. The mid-range ground rent payable was £45 collected quarterly. The lease concluded in 2092. Given that there were 66 years outstanding we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including costs.