As the length of the unexpired term of a Great Linford domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, beyond 100 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner than later. Many flat owners in Great Linford will qualify for this right; nevertheless a conveyancer should be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold premises in Great Linford with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Santander | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Great Linford,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Great Linford valuers.
Hunter owned a studio flat in Great Linford on the market with a lease of just over 61 years left. Hunter informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Hunter to exercise his statutory right. Hunter procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Ms B Clarke purchased a basement apartment in Great Linford in May 2012. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Comparable premises in Great Linford with an extended lease were worth £233,200. The average ground rent payable was £60 collected monthly. The lease ran out in 2087. Given that there were 61 years as a residual term we calculated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus fees.
Last Winter we were e-mailed by Mr and Mrs. I Harris , who took over the lease of a recently refurbished apartment in Great Linford in May 2000. The dilemma was if we could approximate the premium would be to prolong the lease by ninety years. Identical properties in Great Linford with a long lease were valued about £171,800. The average ground rent payable was £55 invoiced per annum. The lease expired in 2076. Taking into account 50 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of professional charges.