Milton Keynes leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease drops below 80 years - otherwise a higher amount will be due. Leasehold owners in Milton Keynes will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in Milton Keynes with over one hundred years outstanding 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Virgin |
The conveyancing solicitors that we work with procure Milton Keynes 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.
After protracted correspondence with the landlord of her basement flat in Milton Keynes, Hannah started the lease extension process as the eighty year mark was fast approaching. The legal work was concluded in July 2014. The freeholder’s fees were restricted to approximately six hundred GBP.
Last Spring we were phoned by Mr and Mrs. G Thompson , who moved into a newly refurbished apartment in Milton Keynes in January 2005. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparative premises in Milton Keynes with a long lease were worth £198,800. The mid-range amount of ground rent was £55 billed per annum. The lease lapsed on 7 August 2081. Given that there were 55 years remaining we calculated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including legals.
In 2012 we were phoned by Mr N Green who, having owned a first floor flat in Milton Keynes in May 1997. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical flats in Milton Keynes with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ended on 20 May 2101. Given that there were 75 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.