As the length of the unexpired term of a Dartmouth Park residential lease lessens so does its value and therefore the value of your property. Where the residual term has, beyond 99 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Dartmouth Park will qualify for this right; that being said a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Dartmouth Park with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Mortgage term plus 25 years |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 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. |
Lease extensions in Dartmouth Park can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Dartmouth Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Owen, came very close to the eighty-year threshold with the lease on his studio apartment in Dartmouth Park. Having bought his flat two decades ago, the unexpired term was of no significance. As luck would have it, he realised he needed to take action soon on a lease extension. Owen was able to extend his lease just under the wire in July. Owen and the freeholder via the managing agents in the end agreed on the final figure of £5,500 . If he not met the deadline, the amount would have escalated by at least £950.
Last Autumn we were approach by Ms Emma White , who completed a one bedroom flat in Dartmouth Park in April 1998. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Dartmouth Park with 100 year plus lease were in the region of £260,200. The average amount of ground rent was £65 collected quarterly. The lease terminated in 2085. Considering the 66 years unexpired we approximated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of expenses.
An example of a Lease Extension decision for a Dartmouth Park residence 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 was in relation to 1 flat. The unexpired term was 64.77 years.