As the length of the unexpired term of a Maidstone domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, beyond 100 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Maidstone will meet the qualifying criteria; that being said a lawyer will be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Maidstone can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 in-depth market knowledge procuring Maidstone lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Edward owned a high value apartment in Maidstone on the market with a lease of fraction over sixty years remaining. Edward informally approached his landlord a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Edward to invoke his statutory right. Edward procured expert advice and was able to make a more informed decision and handle with the matter and sell the property.
Last month we were contacted by Mr and Mrs. F Lambert , who owned a first floor flat in Maidstone in July 2010. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable premises in Maidstone with an extended lease were in the region of £260,000. The average ground rent payable was £50 billed every twelve months. The lease expired in 2099. Having 73 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.
Ms F Lewis owned a ground floor flat in Maidstone in February 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical flats in Maidstone with a long lease were worth £264,000. The mid-range ground rent payable was £60 collected monthly. The lease ended on 13 January 2079. Having 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 not including professional charges.