The re-sale value of a leasehold property in Datchet and Langley depends on how long the lease has left to run. If it is near to or fewer than 80 years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is ideal to start the lease extension process when a lease still has 82 years unexpired so that all matters can be addressed in advance of the eighty year cut off point. Leasehold Reform legislation entitles Datchet and Langley qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold residencies in Datchet and Langley with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Datchet and Langley can be a difficult process. We recommend you procure professional help 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 Datchet and Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Riley was the the leasehold proprietor of a conversion apartment in Datchet and Langley on the market with a lease of fraction over 61 years left. Riley on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert advice and was able to make an informed decision and deal with the matter and sell the property.
Last Winter we were contacted by Mr and Mrs. E Rodríguez , who acquired a studio flat in Datchet and Langley in April 2001. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical homes in Datchet and Langley with an extended lease were valued about £264,000. The average amount of ground rent was £60 invoiced per annum. The lease concluded on 19 November 2078. Given that there were 53 years left we calculated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of costs.
An example of a Freehold Enfranchisement matter before the tribunal for a Datchet and Langley premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired lease term was 69 years.