The nearer a residential lease in Dore gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than one hundred years to run then this decrease may be of little impact however there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Many flat owners in Dore will qualify for this right; however a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Nationwide Building Society | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Dore can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 procuring Dore 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 proprietor of a studio flat in Dore being sold with a lease of a few days over 61 years left. Jake on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Jake to exercise his statutory right. Jake procured expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.
Mr and Mrs. S Hill completed a garden apartment in Dore in September 2012. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Identical premises in Dore with an extended lease were valued about £240,600. The average amount of ground rent was £60 invoiced quarterly. The lease lapsed in 2088. Considering the 62 years left we approximated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.
In 2012 we were contacted by Mr and Mrs. G White who, having owned a ground floor apartment in Dore in September 2012. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Dore with 100 year plus lease were valued around £174,200. The average amount of ground rent was £55 invoiced per annum. The lease terminated on 8 April 2077. Taking into account 51 years unexpired we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.