Top reasons for Milton lease extension

Why you should commence your Milton lease extension today:

Increase your lease and increase your Milton property value

It’s an underpublicised certainty that a Milton residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Milton property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Milton will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Almost all mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is probable that someone intending to acquire your property in the future might well do, so where they are unable to get a mortgage, then the financial worth of your property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

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

Lease extensions in Milton can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Milton Lease Extension Example Cases:

Jake, Milton, Cambridgeshire,

Jake was the the leasehold proprietor of a conversion flat in Milton being sold with a lease of just over fifty eight years left. Jake on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Jake to exercise his statutory right. Jake obtained expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Milton case:

In 2011 we were called by Dr F Reed who, having moved into a one bedroom flat in Milton in January 2007. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar flats in Milton with 100 year plus lease were valued around £275,000. The average amount of ground rent was £55 collected quarterly. The lease end date was on 4 May 2102. Considering the 76 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.

Milton case:

Mrs I Moore took over the lease of a one bedroom flat in Milton in January 2012. The question was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative premises in Milton with an extended lease were in the region of £176,200. The mid-range ground rent payable was £65 collected annually. The lease terminated in 2082. Given that there were 56 years outstanding we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 plus fees.