Dunmow leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Dunmow enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Dunmow you really ought to see if your lease has between seventy and 90 years left. There are compelling reasons why a Dunmow flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is effected without delay
Leasehold properties in Dunmow with more than one hundred years remaining 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| TSB | |
| The Mortgage Works |
Using our service will provide you enhanced control over the value of your Dunmow leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy correspondence with the freeholder of her purpose-built apartment in Dunmow, Rachael initiated the lease extension process just as the lease was coming close to the critical eighty-year mark. The legal work completed in January 2014. The freeholder’s costs were kept to an absolute minimum.
Last Summer we were phoned by Ms Ashleigh Torres , who acquired a purpose-built flat in Dunmow in August 2000. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative premises in Dunmow with an extended lease were in the region of £208,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease terminated in 2083. Considering the 57 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including costs.
Dr O González took over the lease of a recently refurbished flat in Dunmow in May 1999. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative flats in Dunmow with an extended lease were in the region of £200,000. The average amount of ground rent was £50 billed per annum. The lease terminated on 1 February 2103. Taking into account 77 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.