Milton Keynes Village leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the existing lease drops lower than eighty years - otherwise a higher amount will be payable. Flat owners in Milton Keynes Village will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Milton Keynes Village with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Milton Keynes Village can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 Milton Keynes Village lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Owen was the the leasehold owner of a 2 bedroom flat in Milton Keynes Village being sold with a lease of just over 59 years left. Owen on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Owen to exercise his statutory right. Owen 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.
In 2010 we were called by Mrs Alicia Gunderson who, having took over the lease of a ground floor apartment in Milton Keynes Village in March 2005. The question was if we could estimate the premium could be to extend the lease by ninety years. Similar residencies in Milton Keynes Village with a long lease were in the region of £225,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease expired in 2086. Considering the 60 years outstanding we estimated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 not including legals.
In 2010 we were contacted by Mr Archie Fournier who, having purchased a ground floor flat in Milton Keynes Village in June 2005. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Similar properties in Milton Keynes Village with a long lease were valued about £210,000. The average amount of ground rent was £50 invoiced quarterly. The lease came to a finish on 18 June 2106. Given that there were 80 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.