Top reasons for Danescourt lease extension

Why you should commence your Danescourt lease extension today:

Increase your lease and increase your Danescourt property value

For those whose Danescourt home is held on a long lease, our message is clear – if nothing is done, 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.

An extended lease is almost the same value as a freehold

Leasehold residencies in Danescourt with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will be problematic once you need to market or refinance your flat as it will be effectively unmortgageable. Even though you might have no imminent desire to sell but when you do your buyer will have to hold off for 2 years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Danescourt?

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 want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Danescourt Lease Extension Case Studies:

Luca, Danescourt, Cardiff,

Luca owned a high value flat in Danescourt on the market with a lease of a little over fifty eight years outstanding. Luca on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luca to invoke his statutory right. Luca obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Danescourt case:

In 2014 we were approached by Mr and Mrs. C Bell who, having was assigned a lease of a ground floor flat in Danescourt in October 1996. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Comparable premises in Danescourt with an extended lease were in the region of £174,200. The average ground rent payable was £55 billed quarterly. The lease elapsed on 22 September 2077. Taking into account 51 years outstanding we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus professional charges.

Danescourt case:

Last Winter we were called by Dr T Johnson , who was assigned a lease of a basement apartment in Danescourt in October 1995. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable properties in Danescourt with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease elapsed in 2097. Considering the 71 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus legals.