For anyone whose Maida Vale home is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension.
Leasehold properties in Maida Vale with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| 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. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Maida Vale can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 Maida Vale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aiden was the the leasehold owner of a 2 bedroom apartment in Maida Vale being sold with a lease of a little over sixty years remaining. Aiden informally spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Aiden to invoke his statutory right. Aiden procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Last Autumn we were called by Mr and Mrs. U Bennett , who bought a ground floor flat in Maida Vale in August 2010. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical premises in Maida Vale with an extended lease were valued around £280,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease ended in 2095. Taking into account 70 years outstanding we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.
An example of a Freehold Enfranchisement case for a Maida Vale flat is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The unexpired term was 70.02 years.