Maidenbower leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Maidenbower will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not be entitled. There are also strict deadlines and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Maidenbower with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Engaging our service gives you increased control over the value of your Maidenbower leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted correspondence with the freeholder of her basement apartment in Maidenbower, Chelsea initiated the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work was concluded in March 2015. The freeholder’s costs were kept to an absolute minimum.
Mr William Stewart took over the lease of a basement apartment in Maidenbower in January 1998. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Identical properties in Maidenbower with an extended lease were worth £200,000. The mid-range ground rent payable was £50 collected per annum. The lease elapsed in 2103. Taking into account 78 years remaining we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
Mr Reuben Cook acquired a first floor flat in Maidenbower in January 2009. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical flats in Maidenbower with an extended lease were worth £267,600. The mid-range ground rent payable was £65 collected every twelve months. The lease came to a finish on 28 November 2092. Considering the 67 years remaining we approximated the premium to the landlord for the lease extension to be within £14,300 and £16,400 not including costs.