Great Missenden leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Great Missenden enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Great Missenden you really ought to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Great Missenden flat owner with a lease having around eighty years left should take action to make sure that a lease extension is effected without delay
It is generally accepted that a property with in excess of one hundred 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 equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Lease extensions in Great Missenden can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 procuring Great Missenden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Seth, came dangerously near to the 80-year threshold with the lease on his one bedroom apartment in Great Missenden. Having purchased his home two decades ago, the length of the lease was of little concern. Thankfully, he became aware that he would soon be paying an inflated amount for a lease extension. Seth arranged for a lease extension at the eleventh hour last March. Seth and the landlord who owned the flat above in the end agreed on an amount of £6,000 . If the lease had slid below eighty years, the premium would have increased by a minimum £975.
Last month we were contacted by Dr A Díaz , who purchased a purpose-built flat in Great Missenden in January 1998. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Great Missenden with a long lease were worth £265,000. The average amount of ground rent was £50 collected quarterly. The lease ended in 2098. Considering the 73 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.
Last Christmas we were approach by Ms O Leroy , who completed a ground floor flat in Great Missenden in January 2000. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparative premises in Great Missenden with 100 year plus lease were worth £264,000. The average amount of ground rent was £60 invoiced yearly. The lease concluded on 7 October 2078. Taking into account 53 years left we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of fees.