Dunstable Lease Extension - Free Consultation

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Top reasons for Dunstable lease extension


Main reasons to commence your Dunstable lease extension today:

Increase your lease and increase your Dunstable property value

For anyone whose Dunstable property is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Dunstable with more than 100 years outstanding 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 estate charges warrant it.

Mortgage lenders will not loan monies with a short lease

Lenders do not grant a mortgage on short residential leases. You most probably experience difficulties where you want to sell your flat in Dunstable if the unexpired term of your lease is below the criteria set by most lenders. Different mortgage companies have different criteria but generally theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

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

The conveyancers that we work with undertake Dunstable 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 conveyancing solicitor we work with provide it.

Dunstable Lease Extension Case Summaries:

Samuel, Dunstable, Bedfordshire

Twenty four months ago Samuel, started to get close to the 80-year threshold with the lease on his leasehold apartment in Dunstable. In buying his flat 19 years ago, the lease term was of little relevance. Fortunately, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Samuel was able to extend his lease just ahead of time in June. Samuel and the landlord ultimately agreed on an amount of £5,500 . If he had missed the deadline, the figure would have escalated by at least £850.

Dunstable case:

Last Christmas we were called by Mr and Mrs. I Sánchez , who bought a one bedroom apartment in Dunstable in October 2006. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable flats in Dunstable with a long lease were valued about £171,800. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease ended in 2075. Given that there were 50 years unexpired we approximated the premium to the landlord for the lease extension to be between £33,300 and £38,400 not including expenses.

Dunstable case:

Last month we were e-mailed by Mr and Mrs. P Harris , who took over the lease of a one bedroom flat in Dunstable in March 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Similar flats in Dunstable with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease lapsed on 10 November 2095. Having 70 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.