Maida Hill leases on residential deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Maida Hill will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and steps to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Maida Hill can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Maida Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jonathan owned a studio flat in Maida Hill on the market with a lease of a little over 59 years left. Jonathan on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jonathan to exercise his statutory right. Jonathan obtained expert legal guidance and secured an acceptable resolution informally and sell the property.
Dr F Thompson was assigned a lease of a purpose-built apartment in Maida Hill in July 1995. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable homes in Maida Hill with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 collected per annum. The lease concluded on 7 February 2093. Considering the 67 years left we estimated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 not including expenses.
An example of a Lease Extension case for a Maida Hill flat is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case affected 1 flat. The unexpired residue of the current lease was 60 years.