The value of Maltby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is below than eighty years
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Maltby can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 Maltby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
William owned a high value flat in Maltby being marketed with a lease of a little over 59 years unexpired. William informally contacted his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were William to invoke his statutory right. William procured expert advice and secured satisfactory deal without going to tribunal and sell the property.
Dr Ella Hernández owned a one bedroom apartment in Maltby in June 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Identical residencies in Maltby with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 billed yearly. The lease ran out in 2087. Taking into account 61 years unexpired we calculated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of fees.
Mr and Mrs. P Davis was assigned a lease of a one bedroom flat in Maltby in January 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Comparable homes in Maltby with 100 year plus lease were valued around £166,800. The average ground rent payable was £50 invoiced annually. The lease concluded on 23 June 2076. Given that there were 50 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of expenses.