There is no doubt about it a leasehold property in Dartmouth is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of one hundred years to run then this decrease may be of little impact however 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 sharply the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Dartmouth will meet the qualifying criteria; however a conveyancing solicitor can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Dartmouth can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in this area.
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 Dartmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Joseph, came precariously close to the 80-year mark with the lease on his ground floor flat in Dartmouth. Having purchased his property two decades ago, the unexpired term was of no interest. by good luck, he recognised he needed to take action soon on Extending the lease. Joseph extended the lease just ahead of time last January. Joseph and the landlord in the end settled on sum of £6,000 . If he failed to meet the deadline, the sum would have increased by a minimum £1,050.
In 2013 we were e-mailed by Dr R Simon who, having was assigned a lease of a basement flat in Dartmouth in January 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Dartmouth with an extended lease were worth £285,000. The average amount of ground rent was £45 billed per annum. The lease expired in 2097. Given that there were 71 years left we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.
Dr V Reed purchased a one bedroom flat in Dartmouth in August 2012. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparable residencies in Dartmouth with a long lease were in the region of £225,800. The mid-range amount of ground rent was £60 collected monthly. The lease finished in 2086. Considering the 60 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 not including expenses.