Great Linford Lease Extension - Free Consultation

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Top reasons for Great Linford lease extension


Why you should start your Great Linford lease extension today:

Increase your lease and increase your Great Linford property value

Great Linford leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay 50% 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. Flat owners in Great Linford will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and formalities to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.

Great Linford property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not lend on a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at 75 years left on the lease; others may be content with anything over 70 years. With less than sixty years, it may be difficult to get a mortgage at all.

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Lloyds TSB Scotland Minimum 70 years from the date 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Great Linford lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you enhanced control over the value of your Great Linford leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Great Linford Lease Extension Case Studies:

David, Great Linford, Buckinghamshire

During the course of the last few months David, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Great Linford. Having bought his home twenty years previously, the length of the lease was of minimal importance. As luck would have it, he became aware that he needed to take action soon on a lease extension. David extended the lease at the eleventh hour last September. David and the landlord eventually settled on sum of £5,500 . If he failed to meet the deadline, the premium would have become more exhorbitant by a minimum £1,000.

Great Linford case:

Mr and Mrs. O Bernard moved into a recently refurbished flat in Great Linford in June 2006. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Similar premises in Great Linford with 100 year plus lease were valued around £189,000. The average amount of ground rent was £55 billed per annum. The lease elapsed on 12 January 2078. Having 53 years left we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including costs.

Great Linford case:

Ms V Díaz purchased a basement apartment in Great Linford in September 2005. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Similar flats in Great Linford with 100 year plus lease were worth £290,000. The average ground rent payable was £45 collected every twelve months. The lease concluded in 2098. Taking into account 73 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.