Top reasons for Maulden lease extension

Why you should commence your Maulden lease extension today:

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

Maulden leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Maulden will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain circumstances you may not qualify. There are also strict timetables and procedures to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Maulden with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties when you wish to market or remortgage your property as it will be effectively unmortgageable. Even though you might have no immediate plan to sell but when you do your buyer will need to hold off for two years before they can exercise the right to a an extension to the lease.

Get in touch with one of our Maulden lease extension solicitors or enfranchisement solicitors

Regardless 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 in-depth market knowledge and the close ties they enjoy with Maulden valuers.

Maulden Lease Extension Case Studies:

Ellie, Maulden, Bedfordshire,

After lengthy negotiations with the landlord of her one bedroom flat in Maulden, Ellie initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension was finalised in January 2008. The freeholder’s charges were kept to an absolute minimum.

Maulden case:

Dr Olivia Gómez moved into a one bedroom flat in Maulden in June 2009. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Identical premises in Maulden with an extended lease were worth £257,800. The mid-range ground rent payable was £65 billed monthly. The lease lapsed on 7 November 2091. Given that there were 65 years remaining we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of expenses.

Maulden case:

In 2011 we were e-mailed by Mr Joshua Reed who, having purchased a garden apartment in Maulden in June 2001. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable premises in Maulden with an extended lease were worth £191,400. The average amount of ground rent was £55 collected annually. The lease ran out on 21 September 2080. Having 54 years left we calculated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of fees.