The closer a domestic lease in Dunchurch gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 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 rational as to why you should extend the lease without delay. Many flat owners in Dunchurch will qualify for this right; nevertheless a conveyancer should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society |
Engaging our service gives you increased control over the value of your Dunchurch leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Hunter owned a high value apartment in Dunchurch on the market with a lease of fraction over sixty years outstanding. Hunter informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.
Last April we were approach by Ms Madeleine Brown , who was assigned a lease of a studio apartment in Dunchurch in July 1996. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Similar properties in Dunchurch with an extended lease were valued about £206,200. The mid-range amount of ground rent was £60 billed yearly. The lease end date was on 27 November 2082. Having 56 years left we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including professional charges.
In 2011 we were phoned by Mr and Mrs. B Kelly who, having purchased a one bedroom apartment in Dunchurch in February 1997. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical homes in Dunchurch with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 billed every twelve months. The lease terminated in 2102. Taking into account 76 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.