Chances are that if you own a flat in Newport Pagnell you actually own a long leasehold interest over your property
Leasehold residencies in Newport Pagnell with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with procure Newport Pagnell 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 conveyancer we work with provide it.
Subsequent to lengthy correspondence with the landlord of her garden apartment in Newport Pagnell, Samantha initiated the lease extension process as the eighty year deadline was quickly nearing. The lease extension was finalised in October 2006. The freeholder’s fees were kept to an absolute minimum.
In 2012 we were phoned by Dr E Lambert who, having acquired a first floor flat in Newport Pagnell in February 1999. We are asked if we could estimate the price could be to extend the lease by ninety years. Identical residencies in Newport Pagnell with 100 year plus lease were valued about £218,000. The average amount of ground rent was £45 invoiced quarterly. The lease lapsed in 2087. Given that there were 63 years outstanding we approximated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 plus costs.
Last year we were e-mailed by Ms Alice Gray , who bought a garden apartment in Newport Pagnell in August 1997. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar flats in Newport Pagnell with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 billed every twelve months. The lease came to a finish on 1 July 2098. Considering the 74 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.