Why you should start your Maldon lease extension

Main reasons to commence your Maldon lease extension today:

Increase your lease and increase your Maldon property value

Maldon residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

Maldon property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Maldon property being difficult to sell or to obtain finance on.

What makes us experts in Maldon lease extensions?

The conveyancers that we work with procure Maldon 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 conveyancer we work with provide it.

Maldon Lease Extension Example Cases:

Benjamin, Maldon, Essex

During the course of the last few months Benjamin, came seriously near to the 80-year threshold with the lease on his purpose- built apartment in Maldon. In buying his flat 18 years ago, the unexpired term was of minimal importance. Luckily, he noticed he needed to take steps soon on Extending the lease. Benjamin was able to extend his lease just under the wire last March. Benjamin and the freeholder via the management company ultimately agreed on the final figure of £5,000 . If the lease had slipped to less than eighty years, the amount would have increased by at least £950.

Maldon case:

Dr Jackson Bonnet took over the lease of a garden apartment in Maldon in March 2012. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative homes in Maldon with 100 year plus lease were valued around £265,000. The average ground rent payable was £55 invoiced monthly. The lease terminated on 20 May 2100. Having 74 years left we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.

Maldon case:

In 2013 we were approached by Mr and Mrs. F Simon who, having acquired a garden flat in Maldon in June 2012. The dilemma was if we could estimate the price would likely be to extend the lease by 90 years. Similar properties in Maldon with a long lease were valued around £166,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease ran out on 16 January 2080. Having 54 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including fees.