Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Dunmow. Inevitably, the period of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the residence has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Dunmow have the right to extend the lease for an additional 90 years under legislation. Do give careful consideration before delaying your Dunmow lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
|Barclays plc||Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.|
|Chelsea Building Society||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
|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.|
|Godiva Mortgages||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.|
|Leeds Building Society||85 years remaing from the start of the mortgage.|
Lease extensions in Dunmow can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 Dunmow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the freeholder of her ground floor apartment in Dunmow, Chloe initiated the lease extension process as the 80 year mark was quickly coming. The transaction completed in March 2005. The landlord’s costs were negotiated to a tad over 450 GBP.
In 2011 we were phoned by Mr and Mrs. M Phillips who, having purchased a ground floor flat in Dunmow in October 2010. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Similar properties in Dunmow with an extended lease were valued around £230,800. The average ground rent payable was £60 billed per annum. The lease concluded in 2081. Having 60 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.
Last Summer we were phoned by Dr V Wright , who took over the lease of a ground floor flat in Dunmow in February 2011. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Dunmow with 100 year plus lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced annually. The lease end date was in 2101. Having 80 years remaining we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.