Stop! Your Lease Extension in Maldon Could Be FREE

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Many leaseholders in Maldon are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Maldon has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Maldon lease extension

Why you should start your Maldon lease extension today:

A Maldon lease depreciates with the years remaining on the lease.

The value of Maldon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Maldon with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to loan monies on a short lease

Banks and Building Societies are less likely to issue a loan offer on a residential property in Maldon with a short lease. Some lenders simply refuse to lend on leases with below 75 years left.

Lender Requirement
Barnsley Building Society
National Westminster Bank
Nationwide Building Society
The Mortgage Works
Virgin

Why use us for your lease extension in Maldon?

Irrespective of whether you are a tenant or a freeholder in Maldon,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Maldon valuers.

Maldon Lease Extension Case Summaries:

Amy, Maldon, Essex,

Subsequent to protracted negotiations with the freeholder of her purpose-built apartment in Maldon, Amy commenced the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction was finalised in August 2015. The landlord’s costs were negotiated to less than 700 GBP.

Maldon case:

Dr Tommy François completed a newly refurbished flat in Maldon in May 2011. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical properties in Maldon with an extended lease were valued about £255,000. The average ground rent payable was £50 billed monthly. The lease expired on 12 March 2096. Considering the 70 years unexpired we calculated the premium to the freeholder for the lease extension to be within £10,500 and £12,000 exclusive of expenses.

Maldon case:

In 2010 we were e-mailed by Mr and Mrs. B Bertrand who, having took over the lease of a purpose-built flat in Maldon in January 2007. The question was if we could approximate the price could be for a 90 year lease extension. Similar premises in Maldon with 100 year plus lease were valued about £246,800. The average ground rent payable was £60 invoiced yearly. The lease ran out on 15 July 2076. Taking into account 50 years as a residual term we calculated the premium to the landlord for the lease extension to be within £44,700 and £51,600 plus fees.