Maulden leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher premium will be payable. Leasehold owners in Maulden will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not qualify. There are also strict timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Maulden with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Maulden,the lease extension solicitors 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 Maulden valuers.
Last year Hugo, came precariously close to the 80-year mark with the lease on his basement apartment in Maulden. Having purchased his flat 19 years ago, the lease term was of no significance. by good luck, he recognised he needed to take action soon on Extending the lease. Hugo extended the lease at the eleventh hour last August. Hugo and the freeholder in the end agreed on an amount of £5,500 . If he failed to meet the deadline, the amount would have escalated by a minimum £1,125.
Last year we were approach by Ms Morgan Roberts , who owned a ground floor flat in Maulden in May 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Maulden with a long lease were worth £205,000. The mid-range amount of ground rent was £50 billed yearly. The lease expired on 10 November 2105. Considering the 79 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.
In 2014 we were approached by Ms F Lefèvre who, having moved into a studio apartment in Maulden in April 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative flats in Maulden with an extended lease were worth £275,000. The average amount of ground rent was £65 collected per annum. The lease finished in 2094. Given that there were 68 years outstanding we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.