Main reasons to commence your Maltby lease extension

Main reasons to commence your Maltby lease extension today:

Increase your lease and increase your Maltby property value

Maltby leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher amount will be payable. Flat owners in Maltby will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.

Maltby property with a lease extension is almost the same value as a freehold

Leasehold properties in Maltby with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems where you want to sell your flat in Maltby if the unexpired term of your lease is under the criteria set by the majority of lenders. Different lenders have varying criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Maltby?

Retaining our service will provide you better control over the value of your Maltby leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Maltby Lease Extension Example Cases:

Harvey, Maltby, South Yorkshire

During the course of the last few months Harvey, came critically near to the 80-year threshold with the lease on his garden apartment in Maltby. Having bought his flat 19 years ago, the unexpired term was of no interest. As luck would have it, he recognised he would soon be paying an inflated amount for a lease extension. Harvey arranged for a lease extension just ahead of time last March. Harvey and the landlord subsequently agreed on a premium of £5,000 . If the lease had gone below 80 years, the sum would have become more costly by a minimum £950.

Maltby case:

In 2013 we were e-mailed by Ms T Green who, having owned a newly refurbished apartment in Maltby in May 2000. The question was if we could approximate the premium would likely be for a 90 year lease extension. Identical homes in Maltby with 100 year plus lease were valued around £290,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease lapsed in 2099. Taking into account 73 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.

Maltby case:

Last year we were approach by Ms L Green , who owned a one bedroom flat in Maltby in November 2005. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar flats in Maltby with 100 year plus lease were in the region of £235,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease lapsed on 5 November 2088. Considering the 62 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of fees.