The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Maltby can extend the lease for an additional ninety years in accordance with statute. Please think carefully before delaying your Maltby lease extension. Putting off that expense now simply escalates the premium you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
The lawyers that we work with procure Maltby 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 conveyancing solicitor we work with provide it.
Ryan was the the leasehold proprietor of a high value apartment in Maltby on the market with a lease of just over 59 years remaining. Ryan on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ryan to invoke his statutory right. Ryan obtained expert legal guidance and secured satisfactory resolution without going to tribunal and ending up with a market value flat.
Mr and Mrs. W Roux was assigned a lease of a one bedroom apartment in Maltby in February 2006. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable flats in Maltby with 100 year plus lease were worth £191,400. The average amount of ground rent was £55 billed every twelve months. The lease expired on 23 February 2080. Considering the 54 years as a residual term we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of fees.
Last Summer we were called by Dr Phoebe Flores , who purchased a ground floor flat in Maltby in November 2003. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Maltby with a long lease were in the region of £295,000. The average amount of ground rent was £45 billed every twelve months. The lease concluded in 2100. Considering the 74 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.