Main reasons to start your Maulden lease extension

Main reasons to start your Maulden lease extension today:

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

Unfortunately that a Maulden residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Maulden property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining slips under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Maulden will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the formalities.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as adequate security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Maulden property.

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

The lawyers that we work with handle 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 conveyancing solicitor we work with provide it.

Maulden Lease Extension Example Cases:

Lewis, Maulden, Bedfordshire

Last October Lewis, came seriously near to the eighty-year threshold with the lease on his studio apartment in Maulden. In buying his property two decades ago, the length of the lease was of minimal significance. Thankfully, he recognised he needed to take action soon on Extending the lease. Lewis was able to extend his lease just ahead of time last July. Lewis and the freeholder in the end agreed on a premium of £6,000 . If he had missed the deadline, the sum would have become more exhorbitant by at least £1,075.

Maulden case:

Dr P Bell bought a studio flat in Maulden in July 2004. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparative premises in Maulden with an extended lease were valued about £290,000. The mid-range ground rent payable was £45 billed per annum. The lease terminated in 2099. Having 73 years remaining we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.

Maulden case:

Last Summer we were approach by Mrs D Richardson , who acquired a ground floor flat in Maulden in March 2012. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative properties in Maulden with a long lease were in the region of £240,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease terminated in 2088. Having 62 years unexpired we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of fees.