The nearer a residential lease in Dartford gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 125 years to run then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending sooner than later. Many flat owners in Dartford will meet the qualifying criteria; that being said a lawyer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Dartford can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.
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 a wealth of experience dealing with Dartford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Daniel, came very near to the 80-year threshold with the lease on his garden flat in Dartford. In buying his flat two decades ago, the lease term was of no significance. As luck would have it, he became aware that he would imminently be paying way over the odds for Extending the lease. Daniel extended the lease just under the wire in March. Daniel and the landlord in the end agreed on the final figure of £5,500 . If he failed to meet the deadline, the price would have escalated by at least £1,075.
In 2010 we were phoned by Mrs Amber Martínez who, having moved into a ground floor flat in Dartford in January 2002. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Dartford with a long lease were in the region of £223,400. The average amount of ground rent was £60 invoiced every twelve months. The lease concluded in 2085. Taking into account 59 years unexpired we calculated the premium to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of legals.
An example of a Lease Extension matter before the tribunal for a Dartford premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.