Top reasons for Datchet lease extension
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Main reasons to start your Datchet lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/datchet">Datchet</a> property value </h4>
<p> 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 125 years to run then this decrease may be of little impact however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Datchet will qualify for this right; that being said a lawyer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
<h4>Datchet property with a lease extension has roughly the same value as a freehold</h4>
<p> It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.
<h4>Lenders will not grant a mortgage on a short lease</h4> Mortgage companies do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Datchet if the remaining lease term is under the criteria set by most lenders. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least 65 years.
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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Why use us for your lease extension in Datchet? </h4>
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Lease extensions in Datchet can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
<p>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 a wealth of experience 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.
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Datchet Lease Extension Example Cases:
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<h5> Molly, Datchet, Berkshire,</h5>
<p> Trailing lengthy correspondence with the freeholder of her first floor flat in Datchet, Molly initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The legal work was finalised in August 2007. The freeholder’s costs were kept to an absolute minimum.
<h5>Datchet case:</h5>
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In 2014 we were contacted by Dr L Sharif who, having bought a garden apartment in Datchet in October 2010. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Datchet with 100 year plus lease were in the region of £223,400. The mid-range amount of ground rent was £60 billed per annum. The lease expired in 2085. Given that there were 59 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 plus legals.
<h5>Datchet case:</h5>
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Last Autumn we were called by Ms Sophie Taylor , who
owned a basement flat in Datchet in February 2001. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical residencies in Datchet with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected yearly. The lease expired on 18 July 2105. Taking into account 79 years unexpired we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.
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