Why you should commence your Dawlish lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dawlish property value

For anyone whose Dawlish property is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in Dawlish with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not lend on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wanting to buy your property in the future might well do, so if they are not able to get a mortgage, then the financial worth of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Dawlish?

Lease extensions in Dawlish can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Dawlish lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dawlish Lease Extension Case Studies:

Caleb, Dawlish, Devon,

Caleb owned a conversion flat in Dawlish on the market with a lease of a few days over fifty eight years outstanding. Caleb informally spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Caleb to invoke his statutory right. Caleb procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Dawlish case:

Last year we were called by Mr and Mrs. K Turner , who moved into a studio flat in Dawlish in June 2002. The question was if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Similar residencies in Dawlish with an extended lease were worth £210,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed in 2106. Having 80 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.

Dawlish case:

Last October we were phoned by Mr Alexander Watson , who acquired a purpose-built apartment in Dawlish in August 2009. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Comparable properties in Dawlish with a long lease were valued around £275,000. The mid-range ground rent payable was £45 billed annually. The lease expiry date was in 2095. Considering the 69 years left we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.