Main reasons to commence your Milton Keynes lease extension

Top reasons for lease extension now:

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

Chances are that where you own a flat in Milton Keynes you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Milton Keynes with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth 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 merit it.

Banks and Building Societies may decide not to lend with a short lease

What makes us experts in Milton Keynes lease extensions?

Retaining our service will provide you increased control over the value of your Milton Keynes leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Milton Keynes Lease Extension Example Cases:

Sebastian, Milton Keynes, Buckinghamshire,

Sebastian was the the leasehold proprietor of a studio flat in Milton Keynes being sold with a lease of just over 59 years outstanding. Sebastian informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Milton Keynes case:

In 2011 we were phoned by Mrs B Hill who, having moved into a one bedroom apartment in Milton Keynes in May 2012. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable properties in Milton Keynes with a long lease were worth £174,200. The average ground rent payable was £55 billed per annum. The lease expired on 24 October 2077. Given that there were 51 years remaining we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.

Milton Keynes case:

Last year we were called by Ms Mia Clarke , who acquired a ground floor flat in Milton Keynes in October 2009. The question was if we could approximate the price could be for a 90 year extension to my lease. Similar premises in Milton Keynes with a long lease were in the region of £285,000. The mid-range ground rent payable was £45 billed per annum. The lease ran out on 9 August 2097. Taking into account 71 years left we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including costs.