As the length of the unexpired term of a Datchet domestic lease decreases so does its value and therefore the value of your property. If the residual term has, beyond one hundred years to run then this decrease may be negligible however there will become a stage when a lease has less than 80 years unexpired 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 main rational as to why you should extend the lease without delay. Many flat owners in Datchet will meet the qualifying criteria; that being said a conveyancer should be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Datchet with over 100 years unexpired 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 estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society |
The lawyers that we work with handle Datchet lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Jackson owned a high value apartment in Datchet on the market with a lease of just over 61 years left. Jackson informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jackson to exercise his statutory right. Jackson procured expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
Ms Y Clarke took over the lease of a ground floor flat in Datchet in August 2011. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Identical homes in Datchet with a long lease were valued about £191,400. The average amount of ground rent was £55 collected annually. The lease expired on 14 March 2080. Taking into account 54 years left we approximated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 not including fees.
In 2013 we were phoned by Mr and Mrs. V Cooper who, having took over the lease of a one bedroom apartment in Datchet in October 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Similar residencies in Datchet with 100 year plus lease were valued about £295,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease lapsed in 2100. Having 74 years remaining we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.