On the balance of probabilities if you own a flat in Newport Pagnell you actually own a long leasehold interest over your property
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Yorkshire Building Society |
Retaining our service gives you increased control over the value of your Newport Pagnell leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Dylan owned a high value apartment in Newport Pagnell on the market with a lease of a few days over sixty years remaining. Dylan on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Dylan to invoke his statutory right. Dylan obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.
Mrs H Morel bought a basement apartment in Newport Pagnell in April 2005. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Comparable premises in Newport Pagnell with an extended lease were in the region of £254,200. The average amount of ground rent was £60 invoiced monthly. The lease elapsed on 5 April 2077. Given that there were 51 years remaining we calculated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of expenses.
Last Christmas we were contacted by Ms U Lefèvre , who took over the lease of a studio flat in Newport Pagnell in July 2000. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Comparable premises in Newport Pagnell with 100 year plus lease were in the region of £210,600. The average ground rent payable was £45 billed per annum. The lease concluded on 28 October 2088. Given that there were 62 years unexpired we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus costs.