The only way is down when it comes to Dorchester lease terms. Dorchester flats that have a residual term fewer than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will rise.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank |
Regardless of whether you are a tenant or a landlord in Dorchester,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Dorchester valuers.
Lucas was the the leasehold owner of a 2 bedroom apartment in Dorchester on the market with a lease of fraction over fifty eight years left. Lucas informally contacted his freeholder being a well known local-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 on the basis of an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Lucas to exercise his statutory right. Lucas procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Mr and Mrs. E Brooks purchased a first floor apartment in Dorchester in January 2010. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparative properties in Dorchester with a long lease were in the region of £255,000. The mid-range ground rent payable was £50 collected per annum. The lease expired in 2097. Taking into account 71 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
In 2013 we were approached by Dr Molly Johnson who, having took over the lease of a recently refurbished apartment in Dorchester in July 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar premises in Dorchester with a long lease were in the region of £249,200. The average amount of ground rent was £60 invoiced yearly. The lease ended on 8 April 2077. Taking into account 51 years outstanding we calculated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus costs.