Main reasons to commence your Dunholme lease extension

Top reasons for lease extension now:

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

The market value of Dunholme leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once the residual lease term slips under a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant where you are intending to remortgage your Dunholme home.

What makes us experts in Dunholme lease extensions?

Engaging our service gives you enhanced control over the value of your Dunholme leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Dunholme Lease Extension Case Summaries:

Logan, Dunholme, Lincolnshire,

Logan owned a conversion apartment in Dunholme on the market with a lease of a little over fifty eight years remaining. Logan on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Logan to invoke his statutory right. Logan obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.

Dunholme case:

Last Summer we were e-mailed by Dr Sian Rose , who purchased a one bedroom apartment in Dunholme in February 1995. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparative homes in Dunholme with an extended lease were valued about £290,000. The average ground rent payable was £45 billed yearly. The lease elapsed on 9 April 2099. Given that there were 73 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.

Dunholme case:

Last Christmas we were e-mailed by Mrs I Wright , who bought a newly refurbished apartment in Dunholme in July 2004. We are asked if we could estimate the premium could be for a 90 year lease extension. Comparative premises in Dunholme with 100 year plus lease were in the region of £235,600. The mid-range ground rent payable was £60 collected monthly. The lease ended in 2088. Taking into account 62 years outstanding we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus costs.