The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Dalston can extend the lease for an additional 90 years in accordance with statute. Do think carefully before delaying your Dalston lease extension. Postponing that expense now simply increases the price you will ultimately be required to pay to extend the lease.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Dalston,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dalston valuers.
James owned a high value apartment in Dalston being sold with a lease of a little over 61 years left. James informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were James to exercise his statutory right. James procured expert legal guidance and secured satisfactory resolution informally and readily saleable.
Dr Yasmin Smith purchased a basement apartment in Dalston in August 2010. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Similar flats in Dalston with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease terminated in 2097. Taking into account 71 years left we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.
An example of a Freehold Enfranchisement decision for a Dalston premises is 150 Amhurst Road in December 2013. The tribunal concluded that the premium to be paid by the applicant for the enfranchisement of the subject property was £43,500. This case was in relation to 4 flats. The unexpired residue of the current lease was 90 (or thereabouts).