Why you should start your Dorchester On Thames lease extension

Why you should commence your Dorchester On Thames lease extension today:

Increase your lease and increase your Dorchester On Thames property value

Dorchester On Thames 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. Most owners of residential leasehold property in Dorchester On Thames enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Dorchester On Thames you would be well advised to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Dorchester On Thames with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to finance a property on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic as and when you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent desire to sell but when you do your buyer must wait a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Dorchester On Thames?

Regardless 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 experience and the close ties they enjoy with Dorchester On Thames valuers.

Dorchester On Thames Lease Extension Case Studies:

Morgan, Dorchester On Thames, Oxfordshire,

After unsuccessful correspondence with the freeholder of her basement apartment in Dorchester On Thames, Morgan commenced the lease extension process just as the lease was nearing the critical eighty-year mark. The lease extension completed in May 2010. The freeholder’s charges were restricted to about four hundred pounds.

Dorchester On Thames case:

In 2013 we were contacted by Mrs L David who, having bought a recently refurbished apartment in Dorchester On Thames in June 2001. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical flats in Dorchester On Thames with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £55 collected yearly. The lease came to a finish in 2102. Given that there were 76 years unexpired we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.

Dorchester On Thames case:

Last August we were e-mailed by Dr U Clark , who completed a basement flat in Dorchester On Thames in November 2012. We are asked if we could estimate the price could be for a 90 year lease extension. Identical residencies in Dorchester On Thames with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 billed annually. The lease expired on 6 August 2082. Having 56 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of expenses.