Why you should commence your Maidenbower lease extension

Main reasons to start your Maidenbower lease extension today:

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

As the length of the unexpired term of a Maidenbower residential lease decreases so does its value and therefore the value of your property. If the lease has, in excess of one hundred years remaining then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner rather than later. The majority of flat owners in Maidenbower will meet the qualifying criteria; that being said a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Maidenbower with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. 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.

Lenders will not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering many flats in Maidenbower were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Maidenbower?

The lawyers that we work with undertake Maidenbower 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 lawyer we work with provide it.

Maidenbower Lease Extension Case Summaries:

Mia, Maidenbower, West Sussex,

Off the back of unsuccessful negotiations with the landlord of her leasehold flat in Maidenbower, Mia started the lease extension process as the 80 year threshold was rapidly coming. The lease extension was finalised in November 2012. The landlord’s charges were negotiated to slightly above 700 GBP.

Maidenbower case:

Dr Jason Baker was assigned a lease of a basement flat in Maidenbower in May 1996. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Similar properties in Maidenbower with a long lease were worth £290,000. The average amount of ground rent was £45 collected monthly. The lease finished on 26 May 2099. Given that there were 73 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.

Maidenbower case:

In 2013 we were phoned by Mr and Mrs. N David who, having was assigned a lease of a purpose-built apartment in Maidenbower in August 2000. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparative homes in Maidenbower with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £60 billed every twelve months. The lease terminated on 23 April 2088. Given that there were 62 years outstanding we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus professional charges.