Dover leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Dover will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Dover with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland |
The conveyancers that we work with undertake Dover lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
In 2014 Omar, started to get close to the 80-year threshold with the lease on his garden flat in Dover. In buying his property two decades ago, the unexpired term was of no significance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Omar arranged for a lease extension at the eleventh hour last September. Omar and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If he failed to meet the deadline, the premium would have gone up by a minimum £1,125.
Dr Natasha Roberts was assigned a lease of a one bedroom apartment in Dover in March 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparable premises in Dover with a long lease were in the region of £235,200. The mid-range ground rent payable was £45 collected quarterly. The lease concluded on 8 October 2092. Taking into account 66 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.
In 2014 we were phoned by Mr and Mrs. F Cooper who, having completed a studio flat in Dover in February 2002. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable homes in Dover with an extended lease were worth £280,000. The average ground rent payable was £55 collected every twelve months. The lease lapsed on 24 April 2103. Considering the 77 years remaining we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.