Top reasons for Dingle lease extension

Why you should commence your Dingle lease extension today:

Increase your lease and increase your Dingle property value

Dingle leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Dingle residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Dingle you really ought to see if your lease has between 70 and 90 years left. There are compelling reasons why a Dingle flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to lend on a short lease

Banks and building societies will not lend on short residential leases. You most probably encounter problems where you want to sell your flat in Dingle if the unexpired term of your lease is under the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least seventy years.

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

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

Dingle Lease Extension Case Studies:

Olivia, Dingle, Merseyside,

Trailing lengthy discussions with the landlord of her leasehold apartment in Dingle, Olivia started the lease extension process just as the lease was approaching the all-important 80-year mark. The legal work was finalised in August 2008. The freeholder’s costs were kept to an absolute minimum.

Dingle case:

In 2010 we were contacted by Dr Jonathan Moore who, having completed a studio apartment in Dingle in October 2006. The question was if we could approximate the premium could be to extend the lease by 90 years. Comparative premises in Dingle with 100 year plus lease were worth £250,000. The mid-range ground rent payable was £50 collected monthly. The lease finished on 1 January 2095. Given that there were 69 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.

Dingle case:

Mr and Mrs. E Flores purchased a garden flat in Dingle in May 2006. We are asked if we could approximate the price would be to extend the lease by an additional years. Identical flats in Dingle with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 billed monthly. The lease finished in 2106. Given that there were 80 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.