Unfortunately that a Maxton residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Maxton property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher premium will be payable. The majority of flat owners in Maxton will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.
Leasehold residencies in Maxton with over 100 years remaining on the lease are sometimes regarded as a ‘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 merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Maxton can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Maxton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Cameron owned a conversion apartment in Maxton being marketed with a lease of a little over 72 years outstanding. Cameron on an informal basis contacted his freeholder being a well known local-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 £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Cameron to invoke his statutory right. Cameron procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.
Last Spring we were contacted by Mrs L Thomas , who was assigned a lease of a one bedroom flat in Maxton in April 2012. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Comparable residencies in Maxton with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease lapsed on 11 May 2095. Given that there were 69 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
Mr and Mrs. L Phillips owned a first floor apartment in Maxton in April 1998. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar premises in Maxton with 100 year plus lease were valued around £290,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease concluded in 2106. Having 80 years left we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.