The re-sale value of a leasehold property in Great Missenden is impacted by how long the lease has remaining. If it is close to or less than 80 years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended before purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that all matters can be concluded in advance of the 80 year threshold. Current legislation entitles Great Missenden qualifying lessees to a ninety year extension added to their unexpired lease term (ie if your lease has 50 years remaining the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold premises in Great Missenden with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a freeholder in Great Missenden,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 Missenden valuers.
Off the back of protracted discussions with the freeholder of her one bedroom apartment in Great Missenden, Rebecca commenced the lease extension process just as the lease was nearing the all-important eighty-year mark. The transaction was finalised in November 2014. The landlord’s fees were restricted to about 500 GBP.
Mr and Mrs. J González acquired a newly refurbished apartment in Great Missenden in October 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Great Missenden with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish on 16 March 2104. Considering the 78 years unexpired we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.
In 2013 we were contacted by Dr W Fournier who, having purchased a garden apartment in Great Missenden in January 2009. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative properties in Great Missenden with 100 year plus lease were worth £186,000. The average ground rent payable was £65 invoiced yearly. The lease lapsed on 5 August 2084. Considering the 58 years outstanding we approximated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including costs.