On the balance of probabilities if you own a flat in Great Linford you actually own a long leasehold interest over your property
Leasehold residencies in Great Linford with over 100 years left 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
| 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. |
The conveyancing solicitors that we work with handle 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 conveyancing solicitor we work with provide it.
John was the the leasehold proprietor of a studio flat in Great Linford on the market with a lease of fraction over 61 years remaining. John informally spoke with his freeholder a well known local-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 subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were John to exercise his statutory right. John procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.
In 2013 we were approached by Dr R Simon who, having took over the lease of a one bedroom apartment in Great Linford in February 1997. The question was if we could estimate the premium could be to extend the lease by an additional years. Comparable premises in Great Linford with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease expired on 23 March 2091. Taking into account 65 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including fees.
In 2009 we were called by Dr N André who, having was assigned a lease of a purpose-built apartment in Great Linford in November 2006. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Similar properties in Great Linford with a long lease were worth £191,400. The mid-range ground rent payable was £55 billed annually. The lease elapsed in 2080. Considering the 54 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 plus professional charges.