Top reasons for Datchet lease extension

Main reasons to start your Datchet lease extension today:

Increase your lease and increase your Datchet property value

The only way is down when it comes to Datchet lease terms. Datchet flats that have a remaining term less than than 80 years will drop in value at a rapid rate, and the cost of extending your lease will rise.

Datchet property with a lease extension is almost the same value as a freehold

Leasehold premises in Datchet with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to loan monies on a short lease

Most mortgage companies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Datchet property becoming difficult to sell or to obtain finance on.

Get in touch with one of our Datchet lease extension solicitors or enfranchisement solicitors

Retaining our service gives you enhanced control over the value of your Datchet leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Datchet Lease Extension Example Cases:

Ibrahim, Datchet, Berkshire

Last October Ibrahim, started to get near to the 80-year threshold with the lease on his one bedroom apartment in Datchet. Having bought his flat 18 years ago, the length of the lease was of minimal bearing. Luckily, he recognised he needed to take steps soon on Extending the lease. Ibrahim arranged for a lease extension just under the wire in September. Ibrahim and the landlord who owned the flat above eventually agreed on the final figure of £5,000 . If the lease had gone lower than eighty years, the price would have become more costly by a minimum £1,100.

Datchet case:

Last April we were called by Mr S Harris , who owned a one bedroom apartment in Datchet in January 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative homes in Datchet with a long lease were valued about £166,800. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 14 July 2076. Given that there were 50 years remaining we approximated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.

Datchet case:

Mr and Mrs. B Sharif owned a basement apartment in Datchet in September 1998. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparative residencies in Datchet with a long lease were worth £280,000. The average amount of ground rent was £45 invoiced annually. The lease end date was on 24 November 2096. Taking into account 70 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.