Stop! Your Lease Extension in Dunmow Could Be FREE

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Many leaseholders in Dunmow are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Dunmow has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Dunmow lease extension

Why you should commence your Dunmow lease extension today:

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

On the balance of probabilities where you own a flat in Dunmow you actually own a long leasehold interest over your property

Dunmow property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to loan monies with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is probable that someone intending to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the financial worth of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire 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.

Why use us for your lease extension in Dunmow?

Lease extensions in Dunmow can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 procuring Dunmow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dunmow Lease Extension Example Cases:

Sebastian, Dunmow, Essex,

Sebastian owned a studio apartment in Dunmow being marketed with a lease of a few days over fifty eight years outstanding. Sebastian informally approached his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Dunmow case:

Last Autumn we were phoned by Mr and Mrs. S Morgan , who completed a one bedroom flat in Dunmow in September 1998. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Comparable flats in Dunmow with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 collected annually. The lease end date was in 2097. Given that there were 71 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.

Dunmow case:

Dr M Cook took over the lease of a one bedroom apartment in Dunmow in September 2007. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparable properties in Dunmow with a long lease were valued around £225,800. The mid-range ground rent payable was £60 collected annually. The lease concluded on 7 November 2086. Taking into account 60 years outstanding we approximated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus costs.