Chances are that where you own a flat in Datchet you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Datchet can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge procuring Datchet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the landlord of her first floor apartment in Datchet, Abbie commenced the lease extension process as the eighty year mark was swiftly coming. The lease extension was concluded in July 2014. The freeholder’s fees were kept to an absolute minimum.
In 2009 we were phoned by Mr Aiden Girard who, having was assigned a lease of a one bedroom apartment in Datchet in February 1995. The question was if we could approximate the premium could be for a ninety year lease extension. Comparable flats in Datchet with 100 year plus lease were in the region of £248,000. The mid-range ground rent payable was £65 invoiced yearly. The lease ran out on 24 June 2089. Considering the 63 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.
Mrs Katherine Johnson was assigned a lease of a basement apartment in Datchet in June 2007. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable flats in Datchet with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 billed every twelve months. The lease concluded in 2078. Having 52 years remaining we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of costs.