With a residential leasehold property in Great Linford, you are actually purchasing an entitlement to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially when there are less than 80 years remaining. Anyone in Great Linford with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. Once a lease has under eighty years outstanding, under the current legislation the landlord can calculate and demand a larger amount, based on a technical calculation, known as “marriage value” which is payable.
Leasehold properties in Great Linford with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works | |
| Yorkshire Building Society |
The conveyancers that we work with procure Great Linford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Omar was the the leasehold owner of a high value apartment in Great Linford on the market with a lease of just over 59 years outstanding. Omar informally approached his landlord 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 an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Omar to invoke his statutory right. Omar obtained expert advice and secured an acceptable deal informally and readily saleable.
Mr and Mrs. K Williams owned a newly refurbished apartment in Great Linford in September 2010. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative properties in Great Linford with 100 year plus lease were valued about £210,000. The average amount of ground rent was £50 collected monthly. The lease came to a finish on 21 August 2106. Taking into account 80 years unexpired we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.
Mr Luca Hernández moved into a purpose-built apartment in Great Linford in March 2002. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Great Linford with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease end date was on 4 September 2095. Taking into account 69 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.