The market value of a leasehold property in Newport Pagnell is impacted by how long the lease has left to run. If it is close to or less than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. Ideally one should start the lease extension process when a lease still has 82 years unexpired so that formalities can be finalised ahead of the 80 year cut off point. Leasehold Reform legislation entitles Newport Pagnell qualifying lessees to an additional term of ninety years over and above the existing term, at a peppercorn rent (no ground rent). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold properties in Newport Pagnell with in excess of 100 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Newport Pagnell 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 procuring Newport Pagnell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the landlord of her garden apartment in Newport Pagnell, Amy started the lease extension process just as the lease was approaching the crucial 80-year mark. The transaction completed in October 2009. The landlord’s fees were kept to an absolute minimum.
Last Autumn we were called by Mr Riley Harris , who acquired a purpose-built apartment in Newport Pagnell in March 2005. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparative homes in Newport Pagnell with 100 year plus lease were valued around £193,400. The average ground rent payable was £65 invoiced every twelve months. The lease concluded in 2085. Taking into account 59 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including expenses.
In 2011 we were e-mailed by Dr G Roux who, having moved into a ground floor flat in Newport Pagnell in March 2010. We are asked if we could approximate the price would be to extend the lease by 90 years. Identical residencies in Newport Pagnell with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out on 12 July 2096. Having 70 years remaining we calculated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 not including legals.