Great Linford leases on residential properties are gradually losing value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher amount will be payable. Flat owners in Great Linford will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Great Linford with over one hundred years outstanding on the lease are often regarded as a ‘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 purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in Great Linford can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 in-depth market knowledge 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.
During the course of the last few months Jason, started to get near to the 80-year mark with the lease on his ground floor apartment in Great Linford. Having bought his flat 18 years previously, the lease term was of no importance. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Jason extended the lease just ahead of time in March. Jason and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If the lease had dipped below 80 years, the price would have become more costly by at least £875.
In 2013 we were called by Mr and Mrs. I Allen who, having purchased a purpose-built flat in Great Linford in October 2002. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable premises in Great Linford with 100 year plus lease were in the region of £189,000. The mid-range ground rent payable was £55 billed annually. The lease expired in 2079. Taking into account 53 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.
In 2014 we were contacted by Ms S Smith who, having moved into a studio flat in Great Linford in May 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Great Linford with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 invoiced every twelve months. The lease terminated on 8 November 2099. Given that there were 73 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.