Dawlish Lease Extension - Free Consultation

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Top reasons for Dawlish lease extension

Why you should start your Dawlish lease extension today:

Increase your lease and increase your Dawlish property value

When it comes to domestic leasehold property in Dawlish, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are less than 80 years left. Leasehold owners in Dawlish with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has below eighty years left, under the current legislation the landlord can calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.

Dawlish property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be inadequate security.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Lease extensions in Dawlish can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in this area.

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 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 Example Cases:

Laura, Dawlish, Devon,

After unsuccessful negotiations with the freeholder of her ground floor apartment in Dawlish, Laura commenced the lease extension process as the eighty year mark was fast coming. The lease extension was concluded in June 2006. The freeholder’s fees were kept to an absolute minimum.

Dawlish case:

Last Summer we were called by Mr and Mrs. P Johnson , who took over the lease of a studio apartment in Dawlish in March 1998. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Comparable residencies in Dawlish with an extended lease were valued around £200,000. The mid-range ground rent payable was £50 collected yearly. The lease finished in 2102. Considering the 78 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.

Dawlish case:

In 2014 we were contacted by Dr Alicia Torres who, having was assigned a lease of a basement flat in Dawlish in July 2011. The dilemma was if we could approximate the price would be for a ninety year lease extension. Similar residencies in Dawlish with 100 year plus lease were worth £267,600. The average ground rent payable was £65 collected annually. The lease expired in 2091. Considering the 67 years unexpired we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of costs.