When it comes to domestic leasehold premises in Dinnington, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably when there are less than eighty years left. Anyone in Dinnington with a lease approaching 81 years unexpired should seriously think of extending it sooner rather than later. When a lease has under eighty years left, under the relevant Act the landlord can calculate and levy a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Halifax | |
| Virgin |
Using our service gives you better control over the value of your Dinnington leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Leo was the the leasehold proprietor of a studio flat in Dinnington being marketed with a lease of a few days over sixty years remaining. Leo informally approached his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Leo to exercise his statutory right. Leo procured expert advice and secured satisfactory deal informally and readily saleable.
Last August we were e-mailed by Dr B Lewis , who bought a garden flat in Dinnington in August 2012. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Similar residencies in Dinnington with an extended lease were in the region of £191,400. The mid-range ground rent payable was £55 invoiced annually. The lease end date was in 2080. Having 54 years remaining we calculated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of fees.
Mr and Mrs. L Cox acquired a basement apartment in Dinnington in January 2001. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable premises in Dinnington with a long lease were worth £295,000. The average ground rent payable was £45 billed yearly. The lease ended on 22 February 2100. Taking into account 74 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.