There is no doubt about it a leasehold flat or house in Dursley is a wasting asset as a result of the diminishing lease term. If the lease has, over 99 years remaining then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner than later. The majority of flat owners in Dursley will meet the qualifying criteria; that being said a conveyancer can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Dursley can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in lease extensions.
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 Dursley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy correspondence with the freeholder of her two bedroom apartment in Dursley, Niamh initiated the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension was finalised in October 2007. The freeholder’s charges were negotiated to under 550 GBP.
Dr M Rodríguez was assigned a lease of a basement flat in Dursley in October 2012. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparable flats in Dursley with a long lease were valued about £265,000. The average amount of ground rent was £50 collected every twelve months. The lease concluded on 21 April 2099. Taking into account 73 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.
Dr M Bennett purchased a basement apartment in Dursley in November 1997. We are asked if we could approximate the price would be to prolong the lease by 90 years. Identical properties in Dursley with 100 year plus lease were worth £264,000. The mid-range ground rent payable was £60 billed every twelve months. The lease expiry date was on 2 October 2079. Considering the 53 years left we estimated the premium to the landlord for the lease extension to be within £37,100 and £42,800 plus costs.