With a domestic leasehold property in Great Linford, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially when there are less than 80 years left. Leasehold owners in Great Linford with a lease drawing near to 81 years remaining should seriously consider extending it sooner as opposed to later. Once the lease term has below eighty years remaining, under the current statute the freeholder is entitled to calculate and charge a larger premium, based on a technical calculation, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Irrespective of whether you are a tenant or a landlord in Great Linford,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Great Linford valuers.
Subsequent to protracted correspondence with the landlord of her studio flat in Great Linford, Olivia commenced the lease extension process as the 80 year threshold was quickly coming. The legal work was finalised in November 2009. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were e-mailed by Mrs V Edwards who, having acquired a first floor flat in Great Linford in October 2012. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Great Linford with 100 year plus lease were worth £300,000. The average ground rent payable was £50 collected annually. The lease terminated in 2102. Taking into account 76 years outstanding we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.
Mr and Mrs. E François owned a first floor flat in Great Linford in November 1997. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Great Linford with a long lease were in the region of £257,800. The average amount of ground rent was £65 invoiced yearly. The lease ran out on 17 February 2091. Considering the 65 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 plus professional charges.