Top reasons for Datchet lease extension

Why you should commence your Datchet lease extension today:

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

Datchet leases on domestic properties are gradually losing value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher premium will be due. Leasehold owners in Datchet will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are also strict timetables and formalities to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have at least 60 if not 70 years left at the expiry of the mortgage. Considering many flats in Datchet were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Datchet lease extensions?

Retaining our service will provide you better control over the value of your Datchet leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers 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 year Ibrahim, came critically near to the 80-year threshold with the lease on his ground floor apartment in Datchet. Having bought his property 18 years ago, the lease term was of no importance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Ibrahim extended the lease just ahead of time in July. Ibrahim and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If the lease had dipped below eighty years, the amount would have escalated by at least £1,050.

Datchet case:

Last Summer we were phoned by Mr E Jones , who owned a ground floor apartment in Datchet in July 2006. The question was if we could estimate the premium could be to prolong the lease by an additional years. Similar homes in Datchet with 100 year plus lease were worth £216,000. The average amount of ground rent was £60 invoiced per annum. The lease came to a finish in 2084. Having 58 years remaining we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of legals.

Datchet case:

Mr O Turner completed a newly refurbished apartment in Datchet in June 2009. The question was if we could estimate the price could be to extend the lease by an additional years. Comparable homes in Datchet with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease terminated on 24 November 2104. Having 78 years left we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.