Top reasons for Dunnington lease extension

Main reasons to start your Dunnington lease extension today:

Increase your lease and increase your Dunnington property value

When it comes to domestic leasehold property in Dunnington, you are actually buying an entitlement to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than eighty years remaining. Leasehold owners in Dunnington with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has under 80 years remaining, under the current legislation the freeholder is entitled to calculate and charge a larger amount, based on a technical calculation, strangely termed as “marriage value” which is payable.

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

Leasehold properties in Dunnington with more than 100 years unexpired 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Almost all mortgage companies will not grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Dunnington property becoming difficult to dispose of or refinance.

What makes us experts in Dunnington lease extensions?

The lawyers that we work with procure 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 lawyer we work with provide it.

Dunnington Lease Extension Example Cases:

Stephanie, Dunnington, North Yorkshire,

Subsequent to lengthy discussions with the freeholder of her one bedroom flat in Dunnington, Stephanie started the lease extension process just as her lease was nearing the all-important 80-year deadline. The transaction was finalised in April 2011. The landlord’s costs were negotiated to about 600 pounds.

Dunnington case:

Last Summer we were approach by Dr Daniel Thompson , who was assigned a lease of a one bedroom apartment in Dunnington in April 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical residencies in Dunnington with a long lease were in the region of £260,200. The average ground rent payable was £65 billed quarterly. The lease concluded on 22 November 2092. Given that there were 66 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 plus costs.

Dunnington case:

In 2012 we were e-mailed by Dr Joseph Davis who, having owned a garden flat in Dunnington in March 2003. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Similar flats in Dunnington with 100 year plus lease were valued around £198,800. The average amount of ground rent was £55 collected quarterly. The lease came to a finish on 3 February 2081. Considering the 55 years left we approximated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of fees.