Main reasons to commence your Dymock lease extension
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Main reasons to start your Dymock lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/dymock">Dymock</a> property value </h4>
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For those whose Dymock property is held on a long lease, our message is clear –
if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed.
The fewer the years remaining the less it is worth and the more it will cost to extend the lease.
<h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
<h4>Lending institutions may not grant a mortgage on a short lease</h4> Lending institutions have set criteria when loaning monies secured on leasehold property. Many will simply not lend at all once the remaining lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Dymock property.
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 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.
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<h4> Get in touch with one of our Dymock lease extension solicitors or enfranchisement solicitors
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<p> Using our service will provide you enhanced control over the value of your Dymock leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell.
The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Dymock Lease Extension Example Cases:
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<h5> Caleb, Dymock, Gloucestershire</h5>
<p> In recent months Caleb, came dangerously close to the 80-year threshold with the lease on his purpose- built flat in Dymock. Having purchased his flat 19 years previously, the lease term was of no interest. Thankfully, he realised he needed to take steps soon on a lease extension. Caleb arranged for a lease extension just ahead of time in May. Caleb and the landlord who owned the flat above subsequently agreed on sum of £6,000 . If the lease had fallen lower than 80 years, the amount would have gone up by a minimum £925.
<h5>Dymock case:</h5>
<p> Dr L Garcia completed a basement flat in Dymock in July 2009. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical residencies in Dymock with an extended lease were valued about £173,800. The average ground rent payable was £60 collected yearly. The lease terminated in 2081. Considering the 55 years left we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus costs.
<h5>Dymock case:</h5>
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Last year we were contacted by Dr G Laurent , who
was assigned a lease of a garden apartment in Dymock in September 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative premises in Dymock with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced annually. The lease finished on 7 August 2092. Having 66 years remaining we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.
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