Main reasons to start your Dawley and Lawley lease extension

Main reasons to start your Dawley and Lawley lease extension today:

A Dawley and Lawley leasehold property depreciates with the years remaining on the lease.

Dawley and Lawley leases on residential deteriorating in value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Dawley and Lawley will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain cases you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Dawley and Lawley with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not loan monies with a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once the remaining lease term slips lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your Dawley and Lawley home.

What makes us experts in Dawley and Lawley lease extensions?

Irrespective of whether you are a tenant or a landlord in Dawley and Lawley,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dawley and Lawley valuers.

Dawley and Lawley Lease Extension Case Studies:

Francesca, Dawley and Lawley, Shropshire,

In the wake of 9 months of unsuccessful negotiations with the freeholder of her two bedroom flat in Dawley and Lawley, Francesca started the lease extension process just as her lease was nearing the critical eighty-year deadline. The transaction was finalised in January 2014. The landlord’s fees were kept to an absolute minimum.

Dawley and Lawley case:

Dr Emma Morris was assigned a lease of a ground floor apartment in Dawley and Lawley in July 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Dawley and Lawley with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 billed quarterly. The lease ran out in 2099. Considering the 73 years unexpired we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Dawley and Lawley case:

In 2013 we were approached by Mr and Mrs. J Watson who, having bought a basement apartment in Dawley and Lawley in November 2003. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable flats in Dawley and Lawley with an extended lease were valued around £264,000. The mid-range amount of ground rent was £60 invoiced annually. The lease expired on 16 August 2079. Having 53 years left we calculated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 not including professional charges.