Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Datchet. Inevitably, the length of lease left reduces as time goes by. This may pass by relatively unnoticed when the property needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Datchet have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Please give careful attention before delaying your Datchet lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease
Leasehold premises in Datchet with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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 be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| 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 Datchet can be a difficult process. We recommend you procure guidance from a conveyancer 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 dealing with Datchet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her first floor flat in Datchet, Sophie commenced the lease extension process as the 80 year mark was fast nearing. The legal work was finalised in April 2014. The freeholder’s charges were kept to an absolute minimum.
Mrs H Williams acquired a studio apartment in Datchet in November 2008. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable flats in Datchet with a long lease were in the region of £260,200. The average ground rent payable was £65 billed monthly. The lease lapsed on 10 October 2092. Given that there were 66 years unexpired we calculated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 not including expenses.
In 2014 we were called by Dr Y Turner who, having completed a ground floor apartment in Datchet in April 2002. The dilemma was if we could approximate the price would be to extend the lease by an additional years. Similar homes in Datchet with a long lease were worth £198,800. The average ground rent payable was £55 invoiced per annum. The lease expired on 26 March 2081. Given that there were 55 years remaining we calculated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of fees.