Great Linford leases on residential deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Great Linford will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not be entitled. There are prescribed timetables and formalities to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 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. |
Lease extensions in Great Linford can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 Great Linford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake owned a high value flat in Great Linford being marketed with a lease of fraction over fifty eight years unexpired. Blake on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Blake to invoke his statutory right. Blake obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.
Mr and Mrs. P Lee purchased a ground floor apartment in Great Linford in November 2005. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable homes in Great Linford with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced annually. The lease expired in 2098. Considering the 72 years remaining we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.
Last Christmas we were approach by Dr I White , who owned a garden apartment in Great Linford in July 2010. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparative premises in Great Linford with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease lapsed on 17 September 2087. Considering the 61 years left we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 plus fees.