Why you should start your Great Dunmow lease extension

Why you should start your Great Dunmow lease extension today:

Increase your lease and increase your Great Dunmow property value

On the balance of probabilities if you own a flat in Great Dunmow you actually own a long leasehold interest over your property

Great Dunmow property with a lease extension has roughly the same value as a freehold

Leasehold properties in Great Dunmow with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not loan monies with a short lease

The propensity since 2008 has been for banks to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Great Dunmow lease extensions?

Engaging our service gives you better control over the value of your Great Dunmow leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Great Dunmow Lease Extension Example Cases:

Toby, Great Dunmow, Essex,

Toby owned a conversion apartment in Great Dunmow being marketed with a lease of just over 72 years left. Toby informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Toby to exercise his statutory right. Toby obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Great Dunmow case:

In 2010 we were e-mailed by Dr T Torres who, having bought a garden apartment in Great Dunmow in August 2007. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Identical flats in Great Dunmow with a long lease were in the region of £225,400. The mid-range ground rent payable was £45 collected per annum. The lease lapsed on 6 July 2090. Taking into account 64 years left we approximated the premium to the landlord to extend the lease to be between £16,200 and £18,600 not including expenses.

Great Dunmow case:

Last Summer we were called by Dr Charlie Roux , who bought a one bedroom flat in Great Dunmow in July 2003. The question was if we could estimate the premium would likely be to prolong the lease by ninety years. Similar homes in Great Dunmow with a long lease were worth £270,000. The mid-range ground rent payable was £55 collected monthly. The lease concluded on 10 October 2101. Taking into account 75 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.