Dymock leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Dymock will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not be entitled. There are also strict timetables and formalities to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Dymock with in excess of 100 years remaining 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 estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Dymock can be a difficult process. We recommend you procure 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 in-depth market knowledge procuring Dymock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Andrew owned a conversion apartment in Dymock being sold with a lease of a little over 61 years unexpired. Andrew informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Andrew to invoke his statutory right. Andrew obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.
Last Christmas we were phoned by Mr A Campbell , who purchased a ground floor flat in Dymock in August 1995. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical flats in Dymock with 100 year plus lease were valued around £227,800. The average ground rent payable was £45 invoiced yearly. The lease expired in 2091. Having 65 years outstanding we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.
Last June we were e-mailed by Dr Toby Robinson , who owned a one bedroom apartment in Dymock in September 2010. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Dymock with 100 year plus lease were valued around £275,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ended in 2102. Having 76 years left we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.