Stop! Your Lease Extension in Dunholme Could Be FREE

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Many leaseholders in Dunholme are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Dunholme has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Dunholme lease extension

Why you should commence your Dunholme lease extension today:

Increase your lease and increase your Dunholme property value

Dunholme residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not lend with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

What makes us experts in Dunholme lease extensions?

Regardless of whether you are a tenant or a landlord in Dunholme,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dunholme valuers.

Dunholme Lease Extension Case Summaries:

Dylan, Dunholme, Lincolnshire

In recent months Dylan, came precariously near to the eighty-year mark with the lease on his ground floor apartment in Dunholme. Having purchased his home two decades ago, the lease term was of no importance. by good luck, he realised he needed to take action soon on Extending the lease. Dylan arranged for a lease extension at the eleventh hour in May. Dylan and the freeholder subsequently settled on sum of £5,500 . If the lease had slid to less than eighty years, the premium would have increased by a minimum £1,100.

Dunholme case:

Last Autumn we were phoned by Mr and Mrs. G Davis , who purchased a first floor flat in Dunholme in March 1996. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparable flats in Dunholme with a long lease were valued about £216,000. The average amount of ground rent was £60 billed yearly. The lease ran out in 2084. Having 58 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.

Dunholme case:

Last August we were approach by Ms P Nelson , who acquired a garden flat in Dunholme in November 2008. We are asked if we could approximate the price could be for a ninety year extension to my lease. Similar premises in Dunholme with a long lease were worth £200,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish in 2104. Considering the 78 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.