The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Dorchester On Thames can extend the lease for an additional 90 years under legislation. Please give careful consideration before delaying your Dorchester On Thames lease extension. Shelving that expense today simply escalates the amount you will eventually be required to pay to extend the lease.
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a freeholder in Dorchester On Thames,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dorchester On Thames valuers.
Blake was the the leasehold owner of a studio flat in Dorchester On Thames on the market with a lease of just over sixty years unexpired. Blake informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Blake to invoke his statutory right. Blake procured expert legal guidance and secured an acceptable deal informally and readily saleable.
Last Autumn we were e-mailed by Mr and Mrs. V Brooks , who took over the lease of a studio apartment in Dorchester On Thames in November 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparative homes in Dorchester On Thames with a long lease were valued around £183,600. The average ground rent payable was £65 collected per annum. The lease expired in 2083. Considering the 57 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including professional charges.
Last Winter we were approach by Mrs Leah Young , who completed a studio flat in Dorchester On Thames in August 2010. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Similar homes in Dorchester On Thames with an extended lease were valued about £245,000. The mid-range ground rent payable was £50 invoiced annually. The lease ended in 2094. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.