Milton Keynes Village leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Milton Keynes Village tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Milton Keynes Village you really ought to check if your lease has between seventy and ninety years left. There are compelling reasons why a Milton Keynes Village leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay
Leasehold premises in Milton Keynes Village with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Milton Keynes Village can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 dealing with 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.
Subsequent to protracted correspondence with the freeholder of her basement flat in Milton Keynes Village, Alisha commenced the lease extension process just as her lease was nearing the critical 80-year deadline. The transaction completed in October 2005. The freeholder’s charges were restricted to a tad over 450 pounds.
Last Winter we were called by Mrs Lily Cook , who moved into a purpose-built apartment in Milton Keynes Village in July 2008. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar flats in Milton Keynes Village with a long lease were in the region of £205,000. The average amount of ground rent was £50 billed every twelve months. The lease finished in 2105. Given that there were 79 years as a residual term we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.
Mr Ibrahim Kelly was assigned a lease of a studio apartment in Milton Keynes Village in April 2007. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical properties in Milton Keynes Village with a long lease were valued about £275,000. The average ground rent payable was £65 billed yearly. The lease ran out on 11 April 2094. Given that there were 68 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.