Malden Rushett leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease drops lower than eighty years - otherwise a higher premium will be payable. Leasehold owners in Malden Rushett will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and formalities to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Malden Rushett with over 100 years unexpired on the lease are sometimes 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Malden Rushett can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 Malden Rushett lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the freeholder of her basement apartment in Malden Rushett, Jodie started the lease extension process just as her lease was coming close to the all-important 80-year threshold. The lease extension completed in May 2006. The freeholder’s charges were kept to an absolute minimum.
In 2010 we were contacted by Mr William Phillips who, having purchased a purpose-built apartment in Malden Rushett in June 2010. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable flats in Malden Rushett with an extended lease were in the region of £257,800. The average amount of ground rent was £65 billed yearly. The lease terminated on 8 October 2091. Given that there were 65 years outstanding we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of costs.
An example of a Lease Extension decision for a Malden Rushett flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.