The only way is down when it comes to Maldon lease terms. Maldon leaseholds that have a remaining term less than than 80 years will reduce in market price even faster, and the cost to extend your lease will go up.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
Engaging our service gives you increased control over the value of your Maldon leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted correspondence with the landlord of her leasehold apartment in Maldon, Poppy initiated the lease extension process as the 80 year threshold was swiftly advancing. The lease extension completed in January 2013. The landlord’s costs were kept to an absolute minimum.
Mr I Brooks acquired a ground floor apartment in Maldon in July 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparable flats in Maldon with 100 year plus lease were in the region of £208,200. The mid-range amount of ground rent was £65 billed quarterly. The lease finished on 22 March 2086. Considering the 61 years remaining we estimated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 not including legals.
In 2009 we were contacted by Mr Jamie Sharif who, having acquired a basement flat in Maldon in July 2010. We are asked if we could estimate the price could be for a ninety year lease extension. Comparable properties in Maldon with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced yearly. The lease expired in 2097. Given that there were 72 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.