Top reasons for Datchet lease extension

Why you should commence your Datchet lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Datchet. Inevitably, the period of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Datchet have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give careful consideration before delaying your Datchet lease extension. Putting off the cost now simply increases the price you will ultimately incur for a lease extension

Datchet property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Datchet property.

What makes us experts in Datchet lease extensions?

Retaining our service will provide you enhanced control over the value of your Datchet leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Datchet Lease Extension Case Studies:

Isabel, Datchet, Berkshire,

In the wake of eight months of protracted negotiations with the freeholder of her ground floor apartment in Datchet, Isabel commenced the lease extension process just as her lease was coming close to the critical eighty-year mark. The legal work completed in July 2009. The freeholder’s fees were negotiated to less than 500 pounds.

Datchet case:

In 2014 we were approached by Mr and Mrs. M Brooks who, having purchased a purpose-built apartment in Datchet in February 1996. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Datchet with an extended lease were worth £252,800. The mid-range ground rent payable was £65 invoiced per annum. The lease ended in 2091. Considering the 65 years left we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including professional charges.

Datchet case:

Mr and Mrs. V Young was assigned a lease of a newly refurbished flat in Datchet in November 1995. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparative flats in Datchet with a long lease were in the region of £191,400. The mid-range ground rent payable was £55 collected per annum. The lease termination date was in 2080. Having 54 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 plus expenses.