Top reasons for Datchet lease extension

Top reasons for lease extension now:

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

Datchet leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Datchet residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Datchet you really ought to investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Considering a number of flats in Datchet were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Datchet?

Regardless of whether you are a tenant or a landlord in Datchet,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Datchet valuers.

Datchet Lease Extension Example Cases:

Harriet, Datchet, Berkshire,

Following lengthy discussions with the landlord of her garden apartment in Datchet, Harriet commenced the lease extension process as the eighty year mark was rapidly nearing. The lease extension completed in June 2009. The freeholder’s charges were negotiated to approximately 700 GBP.

Datchet case:

Mrs Jodie Sánchez completed a first floor flat in Datchet in November 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Identical homes in Datchet with an extended lease were valued around £200,000. The mid-range ground rent payable was £50 collected yearly. The lease ended on 7 June 2103. Having 77 years remaining we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.

Datchet case:

Dr E Collins bought a purpose-built flat in Datchet in May 2011. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical properties in Datchet with an extended lease were valued about £260,200. The average amount of ground rent was £65 invoiced quarterly. The lease terminated on 22 May 2092. Having 66 years outstanding we estimated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 not including fees.