Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Maulden. Inevitably, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Maulden have the legal entitlement to extend the lease for an additional 90 years under statute. Do give due deliberation before putting off your Maulden lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension
Leasehold premises in Maulden with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| Santander | |
| Virgin |
The conveyancing solicitors that we work with procure Maulden lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
During the course of the last few months Tyler, started to get near to the eighty-year mark with the lease on his leasehold apartment in Maulden. In buying his flat 18 years ago, the unexpired term was of little bearing. Thankfully, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Tyler extended the lease just under the wire in May. Tyler and the freeholder in the end agreed on an amount of £5,500 . If the lease had dipped lower than 80 years, the premium would have become more costly by at least £900.
Ms L Kelly took over the lease of a recently refurbished flat in Maulden in May 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparable properties in Maulden with 100 year plus lease were worth £171,800. The average ground rent payable was £55 collected every twelve months. The lease terminated in 2076. Taking into account 50 years left we calculated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of costs.
Last year we were contacted by Mr William Jones , who owned a one bedroom apartment in Maulden in January 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Comparable properties in Maulden with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease lapsed on 6 February 2096. Having 70 years unexpired we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.