Top reasons for Darton lease extension

Main reasons to start your Darton lease extension today:

A Darton leasehold property depreciates with the years remaining on the lease.

Darton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Darton tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Darton you would be well advised to see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold premises in Darton with over 100 years remaining 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 premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend with a short lease

Nearly all mortgage lenders will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Darton property being difficult to sell or refinance.

What makes us experts in Darton lease extensions?

Irrespective of whether you are a tenant or a freeholder in Darton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Darton valuers.

Darton Lease Extension Example Cases:

Morgan, Darton, South Yorkshire,

Off the back of protracted discussions with the landlord of her one bedroom apartment in Darton, Morgan started the lease extension process just as her lease was coming close to the critical eighty-year threshold. The transaction was concluded in November 2014. The freeholder’s charges were kept to an absolute minimum.

Darton case:

In 2009 we were phoned by Dr Danielle Baker who, having acquired a basement apartment in Darton in March 2007. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical residencies in Darton with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 invoiced per annum. The lease finished on 13 July 2086. Having 60 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 not including fees.

Darton case:

In 2013 we were approached by Mrs Phoebe Stewart who, having moved into a studio apartment in Darton in June 1998. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative properties in Darton with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced annually. The lease terminated in 2106. Taking into account 80 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.