Why you should commence your Dunholme lease extension

Why you should start your Dunholme lease extension today:

A Dunholme lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Dunholme you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Dunholme with over 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not grant a mortgage on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so if they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Dunholme lease extensions?

Lease extensions in Dunholme can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 in-depth market knowledge dealing with Dunholme lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dunholme Lease Extension Example Cases:

Thomas, Dunholme, Lincolnshire,

Thomas owned a 2 bedroom apartment in Dunholme being sold with a lease of just over 72 years remaining. Thomas on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Thomas to invoke his statutory right. Thomas obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Dunholme case:

Last month we were phoned by Mr and Mrs. G Morgan , who completed a basement flat in Dunholme in January 2004. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative residencies in Dunholme with an extended lease were valued around £233,200. The mid-range ground rent payable was £60 collected yearly. The lease terminated on 28 November 2087. Taking into account 61 years left we calculated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 plus costs.

Dunholme case:

Last October we were contacted by Mr and Mrs. I Turner , who took over the lease of a one bedroom apartment in Dunholme in June 2007. The question was if we could estimate the premium would likely be for a 90 year lease extension. Identical residencies in Dunholme with 100 year plus lease were valued about £166,800. The mid-range ground rent payable was £50 billed yearly. The lease elapsed in 2076. Considering the 50 years left we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including professional charges.