Main reasons to start your Dawlish lease extension

Main reasons to commence your Dawlish lease extension today:

A Dawlish lease depreciates with the years remaining on the lease.

The closer a domestic lease in Dawlish nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years to run then this decrease may be negligible however there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner rather than later. Many flat owners in Dawlish will qualify for this right; that being said a conveyancer should be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Dawlish property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not issue a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. Considering a number of flats in Dawlish were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Dawlish lease extensions?

The conveyancing solicitors that we work with procure Dawlish 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 lawyer we work with provide it.

Dawlish Lease Extension Case Studies:

George, Dawlish, Devon

In 2014 George, started to get close to the 80-year mark with the lease on his leasehold flat in Dawlish. In buying his flat two decades ago, the unexpired term was of little importance. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. George arranged for a lease extension just ahead of time in August. George and the freeholder ultimately agreed on sum of £5,000 . If the lease had slid below 80 years, the figure would have gone up by a minimum £875.

Dawlish case:

Last Autumn we were phoned by Mr and Mrs. A Michel , who moved into a basement flat in Dawlish in November 2006. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar flats in Dawlish with an extended lease were valued around £208,600. The average ground rent payable was £60 billed yearly. The lease lapsed in 2083. Considering the 57 years left we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus legals.

Dawlish case:

Last Summer we were phoned by Dr Jack Baker , who purchased a one bedroom flat in Dawlish in April 2001. The question was if we could approximate the premium would be for a 90 year lease extension. Similar residencies in Dawlish with 100 year plus lease were valued about £200,000. The mid-range amount of ground rent was £50 billed monthly. The lease ended on 10 September 2103. Having 77 years as a residual term we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.