Main reasons to commence your Danescourt lease extension

Main reasons to start your Danescourt lease extension today:

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

Unfortunately that a Danescourt residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Danescourt property market.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be due. Most flat owners in Danescourt will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning monies secured on leasehold homes. Some will simply not lend at all once an unexpired lease term slips under a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Danescourt property.

What makes us experts in Danescourt lease extensions?

Retaining our service gives you enhanced control over the value of your Danescourt leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Danescourt Lease Extension Example Cases:

Abbie, Danescourt, Cardiff,

Off the back of protracted discussions with the freeholder of her basement apartment in Danescourt, Abbie started the lease extension process as the eighty year threshold was swiftly coming. The lease extension completed in January 2007. The landlord’s fees were kept to an absolute minimum.

Danescourt case:

In 2009 we were approached by Mr and Mrs. M King who, having was assigned a lease of a basement apartment in Danescourt in March 2004. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Identical flats in Danescourt with a long lease were worth £223,400. The mid-range ground rent payable was £60 collected quarterly. The lease lapsed in 2085. Taking into account 59 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 exclusive of expenses.

Danescourt case:

Dr Ethan Roux acquired a garden flat in Danescourt in May 2006. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Danescourt with an extended lease were valued about £205,000. The mid-range ground rent payable was £50 billed annually. The lease lapsed in 2105. Having 79 years remaining we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.