Top reasons for Milton Keynes Village lease extension

Why you should commence your Milton Keynes Village lease extension today:

A Milton Keynes Village lease depreciates with the years remaining on the lease.

The market value of Milton Keynes Village leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is below than 80 years

Milton Keynes Village property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Milton Keynes Village with more than one hundred years unexpired 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 home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not lend on a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As many flats in Milton Keynes Village were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Milton Keynes Village lease extension solicitors or enfranchisement solicitors

The lawyers that we work with undertake Milton Keynes Village lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Milton Keynes Village Lease Extension Example Cases:

Jake, Milton Keynes Village, Milton Keynes

Last Christmas Jake, came precariously near to the eighty-year threshold with the lease on his two bedroom apartment in Milton Keynes Village. In buying his home two decades ago, the lease term was of minimal relevance. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Jake was able to extend his lease just under the wire in August. Jake and the landlord who owned the flat above ultimately agreed on sum of £5,000 . If the lease had dropped below 80 years, the price would have escalated by a minimum £1,150.

Milton Keynes Village case:

Last Christmas we were e-mailed by Mr Y Nguyen , who took over the lease of a first floor flat in Milton Keynes Village in August 1999. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative properties in Milton Keynes Village with an extended lease were in the region of £267,600. The average ground rent payable was £65 collected per annum. The lease terminated in 2093. Considering the 67 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of expenses.

Milton Keynes Village case:

Last September we were called by Mr and Mrs. J Leroy , who bought a ground floor flat in Milton Keynes Village in November 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Comparative residencies in Milton Keynes Village with an extended lease were valued around £201,200. The mid-range ground rent payable was £55 billed every twelve months. The lease finished in 2082. Given that there were 56 years outstanding we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.