As the the remaining lease term of a Dinnington residential lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 125 years to run then this decrease may be negligible however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. Most flat owners in Dinnington will meet the qualifying criteria; however a lawyer can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Dinnington can be a difficult process. We recommend you procure professional help from a conveyancer 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 a wealth of experience procuring Dinnington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Benjamin was the the leasehold owner of a high value flat in Dinnington being marketed with a lease of a few days over 72 years remaining. Benjamin on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.
Mr O Gray bought a studio apartment in Dinnington in September 1995. The dilemma was if we could approximate the price could be to prolong the lease by a further 90 years. Comparative flats in Dinnington with an extended lease were in the region of £240,600. The mid-range amount of ground rent was £65 invoiced per annum. The lease concluded in 2087. Given that there were 62 years outstanding we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.
In 2014 we were contacted by Dr N Fournier who, having moved into a garden apartment in Dinnington in May 1997. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Dinnington with 100 year plus lease were worth £179,200. The mid-range ground rent payable was £55 billed every twelve months. The lease termination date was in 2076. Having 51 years left we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus legals.