For those whose Dunholme home is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.
Leasehold properties in Dunholme with in excess of one hundred years unexpired 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Dunholme can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 a wealth of experience 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.
Kyle owned a conversion apartment in Dunholme being marketed with a lease of a little over sixty years unexpired. Kyle on an informal basis approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Kyle to invoke his statutory right. Kyle procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
Last September we were e-mailed by Mr Kian David , who moved into a first floor apartment in Dunholme in August 2012. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical premises in Dunholme with an extended lease were valued about £252,800. The mid-range amount of ground rent was £65 invoiced annually. The lease expiry date was in 2091. Considering the 65 years left we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.
In 2014 we were phoned by Mr and Mrs. L White who, having took over the lease of a ground floor flat in Dunholme in October 2012. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Comparative residencies in Dunholme with a long lease were valued about £191,400. The average amount of ground rent was £55 invoiced yearly. The lease terminated on 17 February 2080. Considering the 54 years outstanding we approximated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 plus expenses.