Datchet leases on domestic deteriorating in value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Datchet will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Datchet with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
|Bank of Scotland||Minimum 70 years from the date of the mortgage.|
|Birmingham Midshires||Minimum 70 years from the date of the mortgage.|
|Santander|| You must report the unexpired lease term to us and await our instructions if: |
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis
We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
|Royal Bank of Scotland||Mortgage term plus 30 years.|
|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 lawyer and valuer with experience in this area.
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 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 one bedroom apartment in Datchet, Zoe commenced the lease extension process as the 80 year threshold was quickly nearing. The transaction was concluded in August 2014. The landlord’s charges were restricted to slightly above 500 pounds.
Dr John Brown bought a one bedroom flat in Datchet in February 2007. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Comparable premises in Datchet with an extended lease were valued around £174,200. The average amount of ground rent was £55 billed monthly. The lease lapsed on 26 April 2074. Given that there were 51 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.
In 2010 we were approached by Mrs Bethany Díaz who, having took over the lease of a studio apartment in Datchet in June 2003. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Identical residencies in Datchet with an extended lease were worth £285,000. The mid-range ground rent payable was £45 billed monthly. The lease ran out on 6 March 2094. Considering the 71 years left we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.