When it comes to long leasehold premises in Maldon, you are actually purchasing a right to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than eighty years remaining. Anyone in Maldon with a lease nearing 81 years left should seriously think of extending it without delay. Once a lease has less than eighty years left, under the relevant Act the freeholder can calculate and levy a larger premium, based on a technical multiplication, known as “marriage value” which is payable.
It is generally accepted that a residential leasehold with more than one hundred 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 property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Maldon can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 a wealth of experience dealing with Maldon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry was the the leasehold proprietor of a high value flat in Maldon on the market with a lease of fraction over sixty years outstanding. Harry on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Harry to exercise his statutory right. Harry obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Ms Jade Walker moved into a one bedroom flat in Maldon in June 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical residencies in Maldon with an extended lease were in the region of £280,000. The average ground rent payable was £55 billed every twelve months. The lease lapsed in 2104. Given that there were 78 years remaining we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of fees.
Mrs Ella Cook moved into a first floor flat in Maldon in October 1999. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Similar properties in Maldon with a long lease were in the region of £191,000. The average amount of ground rent was £65 collected annually. The lease concluded on 17 August 2084. Having 58 years left we calculated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 plus expenses.