As the the remaining lease term of a Dartmouth Park domestic lease decreases so does its value and therefore the value of your property. If the residual term has, beyond one hundred years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty 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 rational as to why you should consider extending without delay. Most flat owners in Dartmouth Park will meet the qualifying criteria; however a conveyancer will be able to advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Dartmouth Park with in excess of one hundred years outstanding on the lease are sometimes 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service will provide you enhanced control over the value of your Dartmouth Park leasehold, as your property will be more valuable and marketable in respect of lease length should you want 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.
Following protracted correspondence with the landlord of her basement flat in Dartmouth Park, Georgia commenced the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was finalised in May 2005. The freeholder’s fees were negotiated to under 700 pounds.
In 2014 we were e-mailed by Dr Francesca Dupont who, having owned a one bedroom flat in Dartmouth Park in January 2001. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Dartmouth Park with 100 year plus lease were worth £267,600. The mid-range ground rent payable was £65 invoiced annually. The lease expired in 2092. Taking into account 67 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of costs.
An example of a Lease Extension case for a Dartmouth Park property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The remaining number of years on the lease was 64.77 years.