Main reasons to commence your Dunnington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dunnington property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Dunnington may extend the lease for a further 90 years under statute. Please think carefully before delaying your Dunnington lease extension. Shelving the costs now simply escalates the premium you will ultimately have to pay to extend the lease.

Dunnington property with a lease extension is almost the same value as a freehold

Leasehold premises in Dunnington with over 100 years outstanding on the lease are sometimes referred to as ‘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 buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to lend on a short lease

Banks and building societies are really restricting their approach as regards to homes in Dunnington with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting the number of prospective buyers.

Get in touch with one of our Dunnington lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Dunnington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Dunnington Lease Extension Example Cases:

Ellen, Dunnington, North Yorkshire,

Off the back of lengthy discussions with the freeholder of her purpose-built apartment in Dunnington, Ellen started the lease extension process just as the lease was approaching the crucial 80-year deadline. The lease extension was concluded in November 2010. The freeholder’s fees were restricted to about 650 pounds.

Dunnington case:

Mr and Mrs. L Campbell was assigned a lease of a one bedroom flat in Dunnington in September 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Similar premises in Dunnington with an extended lease were in the region of £200,000. The average amount of ground rent was £50 collected yearly. The lease termination date was in 2104. Given that there were 78 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of fees.

Dunnington case:

Mr Omar Thomas purchased a basement flat in Dunnington in July 2001. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable properties in Dunnington with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed annually. The lease finished on 27 January 2093. Given that there were 67 years left we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 not including fees.