On the balance of probabilities where you own a flat in Great Dunmow you actually own a long leasehold interest over your property
Leasehold residencies in Great Dunmow with in excess of 100 years left on the lease are often 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 buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you enhanced control over the value of your Great Dunmow leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to lengthy correspondence with the freeholder of her leasehold flat in Great Dunmow, Kelsey started the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was finalised in April 2015. The freeholder’s fees were kept to an absolute minimum.
In 2013 we were approached by Dr Harrison Davis who, having owned a basement apartment in Great Dunmow in September 1997. The question was if we could approximate the price would be to prolong the lease by ninety years. Comparative properties in Great Dunmow with an extended lease were valued about £255,000. The mid-range amount of ground rent was £50 billed monthly. The lease finished in 2096. Given that there were 71 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.
Last year we were approach by Ms Georgia Hill , who completed a newly refurbished apartment in Great Dunmow in May 2010. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparable flats in Great Dunmow with an extended lease were valued about £254,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease expired on 28 October 2076. Given that there were 51 years remaining we calculated the premium to the landlord for the lease extension to be between £43,700 and £50,600 plus expenses.