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Why you should commence your Dymock lease extension


Top reasons for lease extension now:

A Dymock lease depreciates with the years remaining on the lease.

The market value of a leasehold property in Dymock depends on how long the lease has remaining. If it is close to or less than eighty years you should envisage problems on re-sale, so it is advisable to arrange for a lease extension prior to buying. Ideally one should start the process of extending the lease is when the lease still has 82 years to run so that a lease extension can be finalised prior to the eighty year mark. Leasehold Reform legislation enables Dymock qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a further term of ninety years. The reason of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property on a short lease

Mortgage companies are really clamping down as regards to properties in Dymock with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending 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 reducing the amount of potential purchasers.

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.
Coventry Building Society 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.
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.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Dymock lease extensions?

Lease extensions in Dymock can be a difficult process. We recommend you secure 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.

Dymock Lease Extension Case Summaries:

Jack, Dymock, Gloucestershire

In recent months Jack, came perilously close to the 80-year threshold with the lease on his purpose- built apartment in Dymock. In buying his home two decades ago, the length of the lease was of little importance. Fortunately, it dawned on him that he would imminently be paying way over the odds for a lease extension. Jack extended the lease just ahead of time last April. Jack and the landlord ultimately agreed on sum of £6,000 . If he had missed the deadline, the price would have gone up by at least £1,000.

Dymock case:

In 2012 we were approached by Mrs Ellie Clark who, having purchased a basement apartment in Dymock in August 1995. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Dymock with a long lease were worth £166,400. The average ground rent payable was £60 billed every twelve months. The lease expired in 2078. Having 54 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus fees.

Dymock case:

In 2014 we were phoned by Ms S Khan who, having bought a basement flat in Dymock in May 1999. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative homes in Dymock with a long lease were worth £227,800. The average ground rent payable was £45 collected monthly. The lease expired on 23 March 2089. Considering the 65 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.