Maulden leases on domestic deteriorating in value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Maulden will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some situations you may not qualify. There are also strict deadlines and steps to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Maulden can be a difficult process. We recommend you obtain 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 Maulden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper was the the leasehold proprietor of a studio apartment in Maulden on the market with a lease of just over 59 years unexpired. Jasper informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.
Ms Jasmine Gómez purchased a newly refurbished apartment in Maulden in April 1998. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Identical premises in Maulden with an extended lease were valued around £225,800. The mid-range ground rent payable was £60 invoiced yearly. The lease elapsed on 20 June 2086. Taking into account 60 years unexpired we estimated the premium to the landlord to extend the lease to be within £23,800 and £27,400 not including professional charges.
Mrs Victoria Mason moved into a ground floor apartment in Maulden in March 2007. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Maulden with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 billed yearly. The lease ran out in 2106. Considering the 80 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.