Why you should start your Dymock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dymock property value

Dymock residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

The propensity since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Dymock?

The lawyers that we work with handle Dymock 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 conveyancer we work with provide it.

Dymock Lease Extension Example Cases:

Jonathan, Dymock, Gloucestershire

Last October Jonathan, came dangerously near to the 80-year threshold with the lease on his studio flat in Dymock. Having purchased his flat twenty years previously, the lease term was of little concern. by good luck, he realised he would imminently be paying an escalated premium for a lease extension. Jonathan was able to extend his lease at the eleventh hour in September. Jonathan and the freeholder ultimately agreed on the final figure of £5,500 . If he failed to meet the deadline, the amount would have become more exhorbitant by a minimum £900.

Dymock case:

Last Autumn we were called by Ms Molly Wright , who acquired a one bedroom apartment in Dymock in August 1999. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparative residencies in Dymock with an extended lease were in the region of £183,600. The average ground rent payable was £65 collected per annum. The lease terminated on 11 November 2083. Having 57 years left we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus expenses.

Dymock case:

Last Summer we were called by Mr and Mrs. O Norbert , who completed a recently refurbished apartment in Dymock in March 1999. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical flats in Dymock with 100 year plus lease were in the region of £245,000. The average amount of ground rent was £50 billed every twelve months. The lease terminated on 13 May 2094. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.