Why you should start your Danescourt lease extension
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Why you should commence your Danescourt lease extension today: </h3>
<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/danescourt">Danescourt</a> leasehold property depreciates with the years remaining on the lease.
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<p> The closer a domestic lease in Danescourt nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than 100 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner than later. The majority of flat owners in Danescourt will meet the qualifying criteria; however a lawyer can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
<h4>Danescourt property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
<h4>Lenders may not lend on a short lease</h4>
Most banks have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.
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<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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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>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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What makes us experts in Danescourt lease extensions?
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Lease extensions in Danescourt can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.
<p>We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Danescourt lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Danescourt Lease Extension Example Cases:
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<h5> Leo, Danescourt, Cardiff,</h5>
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Leo was the the leasehold owner of a studio flat in Danescourt on the market with a lease of a little over fifty eight years outstanding. Leo on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Leo to exercise his statutory right. Leo procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
<h5>Danescourt case:</h5>
<p> Ms Gemma Martínez acquired a one bedroom apartment in Danescourt in July 2006. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Identical homes in Danescourt with 100 year plus lease were worth £208,600. The mid-range amount of ground rent was £60 billed monthly. The lease termination date was on 25 March 2083. Considering the 57 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.
<h5>Danescourt case:</h5>
<p> Dr C Morris owned a recently refurbished apartment in Danescourt in November 2011. The question was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical homes in Danescourt with an extended lease were in the region of £200,000. The average amount of ground rent was £50 billed monthly. The lease ended on 21 June 2103. Having 77 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.
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