Maghull leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Maghull residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Maghull you should see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Maghull flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is effected without delay
Leasehold properties in Maghull with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Maghull can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.
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 a wealth of experience dealing with Maghull lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aarav was the the leasehold proprietor of a conversion apartment in Maghull being sold with a lease of a little over sixty years remaining. Aarav on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Ms Aimee Roberts bought a one bedroom flat in Maghull in May 2008. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Identical premises in Maghull with a long lease were worth £218,000. The mid-range ground rent payable was £45 billed quarterly. The lease ended on 11 November 2089. Given that there were 63 years outstanding we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of expenses.
In 2009 we were e-mailed by Mr and Mrs. V Ricardo who, having was assigned a lease of a purpose-built flat in Maghull in July 2002. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparative premises in Maghull with a long lease were valued around £265,000. The mid-range amount of ground rent was £50 billed annually. The lease elapsed on 9 September 2100. Having 74 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.