Dorchester On Thames leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Dorchester On Thames residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Dorchester On Thames you should see if your lease has between seventy and ninety years left. There are compelling reasons why a Dorchester On Thames flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| 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. |
| Royal Bank of Scotland | 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 Dorchester On Thames can be a difficult process. We recommend you get professional help from a lawyer 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 dealing with Dorchester On Thames lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jake was the the leasehold owner of a high value flat in Dorchester On Thames being sold with a lease of a little over 61 years outstanding. Jake on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jake to exercise his statutory right. Jake procured expert advice and was able to make an informed decision and handle with the matter and sell the flat.
Last Spring we were contacted by Dr Callum Miller , who took over the lease of a one bedroom apartment in Dorchester On Thames in April 2011. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparable homes in Dorchester On Thames with a long lease were worth £270,000. The mid-range amount of ground rent was £55 collected annually. The lease finished on 1 November 2099. Considering the 74 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
Last month we were phoned by Ms B Bertrand , who acquired a first floor flat in Dorchester On Thames in June 2002. The question was if we could approximate the price could be to extend the lease by 90 years. Similar premises in Dorchester On Thames with 100 year plus lease were worth £166,400. The average ground rent payable was £60 collected every twelve months. The lease terminated in 2079. Considering the 54 years unexpired we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of fees.